How can specialization lead to a division of labor for a business? O A. It guarantees that all employees work on every part of a product. O B. It allows each employee to be an expert in a particular area of production. O C. It greatly increases the rate of voluntary exchange between employees. O D. It ensures that all employees are capable of making a product on their own. SUBMIT
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When talking about specialization, it is the situation when a firm is specialized in the production of specfic good or service.
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- College students sometimes work as summer interns forprivate firms or the government. Many of these positions pay little or nothing. a. What is the opportunity cost of taking such a job? b. Explain why students are willing to take these jobs. c. If you were to compare the earning later inlife of workers who had worked as interns and those who had taken summer jobs that paid more, what would you expect to find?College students sometimes work as summer internsfor private firms or the government. Many of thesepositions pay little or nothing.a. What is the opportunity cost of taking such ajob?b. Explain why students are willing to take thesejobs.c. If you were to compare the earnings later in lifeof workers who had worked as interns and thosewho had taken summer jobs that paid more, whatwould you expect to find?A visiting American executive finds that a foreign subsidiary inBangladesh has hired a 12-year-old girl to work on a factoryfloor, in violation of the company's prohibition on child labour.He tells the local manager to replace the child and tell her to goback to school. The local manager tells the American executivethat the child is an orphan with no other means of support, andshe will probably become a street child if she is denied work. explain Cultural Relativist based on the statement given
- Increases in the amount of human capital in theeconomy tend to _________ real incomes becausethey increase the _________ of labor.a. increase; bargaining powerb. increase; productivityc. decrease; bargaining powerd. decrease; productivityDetermine whether each of thefollowing would increase or decrease the opportunity costs formothers who choose not to work outside the home. Explain youranswers.a. Higher levels of education for womenb. Higher unemployment rates for womenc. Higher average pay levels for womend. Lower demand for labor in industries that traditionally employlarge numbers of womenAndrea Mowry is a knitwear designer, and she has a firm DreaReneeKnits. She uses knittersas labour and only uses one variable cost – yarn – and one fixed cost – the price of knittingneedles. She pays R100 for a knitter, R50 for yarn and R100 for knitting needles. Use thisinformation to complete the table values askes and questions below. LABOUR TP MP AP TFC TVC TC ATC MC 0 0 - - 100 0 100 - - 1 2 2 2 100 150 250 125 150 2 5 (a) 2.5 100 300 (d) (e) 66.67 3 9 4 3 100 450 550 61.11 (f) 4 12 3 (b) 100 (c) 700 58.33 50 5 15 2 2.8 100 750 850 60.71 75 a. Complete values a-f.b. Using to the law of diminishing returns, place the concepts in order in which theyreach their turning points: average product, total product, marginal product. c. In the example above, at what value does average total cost and marginal cost reachtheir turning point? d. Beyond the turning point in average variable cost, marginal cost lies _______average variable cost.
- Andrea Mowry is a knitwear designer, and she has a firm DreaReneeKnits. She uses knittersas labour and only uses one variable cost – yarn – and one fixed cost – the price of knittingneedles. She pays R100 for a knitter, R50 for yarn and R100 for knitting needles. Use thisinformation to complete the table values askes and questions below. LABOUR TP MP AP TFC TVC TC ATC MC 0 0 - - 100 0 100 - - 1 2 2 2 100 150 250 125 150 2 5 (a) 2.5 100 300 (d) (e) 66.67 3 9 4 3 100 450 550 61.11 (f) 4 12 3 (b) 100 (c) 700 58.33 50 5 15 2 2.8 100 750 850 60.71 75 a. Complete values a-f.a. Describe the basic self-selection issue involved whenever discussing the returns to education. b. Does the fact that some high school or college dropouts go on to earn vast amounts of money (e.g., Bill Gates dropped out of Harvard without ever graduating) contradict the self-selection story? c. Most government-provided job training programs are optional to the worker. Describe how the self-selection issue might be used to call into question empirical results suggesting there are large economic benefits to be gained by requiring all workers to receive government-provided job training.Arlene quits her $125,000-a-year job to take care of her ailing parents. What is the opportunity cost of her decision? A. the value she attributes to the satisfaction she receives from taking care of her parents B. zero, since she will no longer be earning a salary C. It depends on the "going rate" for home-care providers. D. at least $125,000
- Elsa and Anna are two students each considering whether to pursue a college education before entering the job market. For each worker, an education level of E = 1 indicates that she has completed college and earned a degree, while E = 0 indicates she has not. Elsa can generate V E = 36 worth of output per hour while Anna can only produce V A = 12 per Obtaining a degree is costly, and the students must pay for their educations by taking out student loans that will be repaid during their working years. Elsa is a naturally capable student so the degree costs her the equivalent of CE = 18 per hour in future wages, whereas Anna struggles with her studies and must pay CA = 27 per hour. Note that their education levels do not impact their productivity. Hans is an employer who cannot observe the workers’ innate abilities but can observe their education levels. The labor market is competitive, so that Hans must always offer a wage equal to his reservation price, and thus makes zero profit. a)…Consider the following weekly production possibilities of bagpipes and accordions in Poland and Scotland: Scotland Poland Bagpipes 50 75 Accordions 25 150 a) What is each country's opportunity cost of producing bagpipes and accordions? If the countries could, should they trade? b) What is the possible range of terms of trade between Poland and Scotland? 5. Define the marginal revenue product of labour. Explain two factors that could cause the marginal revenue product curve of labour to shift to the right. 6. Under what conditions does an oligopoly market result in the same outcome as monopoly? What does this imply for the oligopoly's long-run profits?A. Explain what the Gino ratio measures and what it means b. If US has a Gini ratio of 0.484 and Switzerland's ratio is 0.384, what does it mean?