Specialization in production is economically beneficial primarily because it:
A. allows everyone to have a job that he or she likes.
B. permits the production of a larger output with fixed amounts of resources.
C. facilitates trade by bartering.
D. guarantees full employment.
Answer: B
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An increase in the money wage rate ________ and an increase in the money prices of raw materials ________
A) shifts the AS curve leftward; shifts the AS curve leftward B) shifts the AS curve rightward; shifts the AS curve rightward C) shifts the AS curve leftward; does not shift the AS curve D) shifts the AS curve leftward; shifts the AS curve rightward E) shifts the AS curve rightward; shifts the AS curve leftward
Sometimes wages are set above the equilibrium level when firms pay
a. workers with more seniority higher wages than newly-hired workers. b. efficiency wages to reduce turnover. c. compensating differentials to workers who work the night shift. d. more attractive salespeople higher wages than less attractive salespeople.