The division of labor refers to
A) the separation of blue-collared workers and white-collared workers.
B) finding the best order of performing tasks.
C) the separation of workers into union workers and non-union workers.
D) the assignment of different workers to different tasks.
Answer: D
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The "shoe-leather" cost of a fully anticipated inflation is
A) the inconvenience of holding less cash. B) the higher prices of imported raw materials due to currency depreciation. C) the extra time spent on shopping in order to beat price increases. D) the effort of changing posted prices on price tags and producing new price lists and catalogs.
Which of the following is an infant-industry argument in favor of restrictions on foreign trade?
a. Foreign producers must be stopped from selling their products in this country below cost of production. b. Domestic workers must be protected from the lower wages paid in foreign countries. c. The nation's security demands we ensure an adequate domestic supply capacity of certain products. d. Do unto others as they do unto you. e. Industries in the early stages of development must be protected from more mature producers.