Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 1, Problem 10RQ
Give the three reasons that explain why the division of labor increases an economy’s level of production.
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Give the three reasons that explain why the division of labor increases an economy’s level of production.
According to Adam Smith, which one was not the reason why division of labor increases output?
Select one:
a. Invention of new machinery.
b. Increase labor skills.
c. Time-consuming.
d. Increase efficiency
Consider the factors of production that go intoa fast-food restaurant. Give an example of land,labor, and capital.
Chapter 1 Solutions
Principles of Economics 2e
Ch. 1 - What is scarcity? Can you think of two causes of...Ch. 1 - Residents of the town of Smithfield like to...Ch. 1 - A consultant works for 200 per hour. She likes to...Ch. 1 - A computer systems engineer could paint his house,...Ch. 1 - What would be another example of a system in the...Ch. 1 - Suppose we extend the circular flow model to add...Ch. 1 - What is an example of a problem in the world...Ch. 1 - The chapter defines private enterprise as a...Ch. 1 - Why might Belgium, France, Italy, and Sweden have...Ch. 1 - Give the three reasons that explain why the...
Ch. 1 - What are three reasons to study economics?Ch. 1 - What is the difference between microeconomics and...Ch. 1 - What are examples of individual economic agents?Ch. 1 - What are the three main goals of macroeconomics?Ch. 1 - How did John Mayhem Keynes define economics?Ch. 1 - Are households primarily buyers or sellers in the...Ch. 1 - Are firms primarily buyers or sellers in the goods...Ch. 1 - What are the three ways that societies can...Ch. 1 - What is globalization? How do you think it might...Ch. 1 - Suppose you have a team of two workers: one is a...Ch. 1 - Why would division of labor without trade not...Ch. 1 - Can you think of any examples of free goods, that...Ch. 1 - A balanced federal budget and a balance of trade...Ch. 1 - Macroeconomics is an aggregate of what happens at...Ch. 1 - Why is it unfair or meaningless to criticize a...Ch. 1 - Suppose, as an economist, you are asked to analyze...Ch. 1 - Why do you think that most modern countries...Ch. 1 - Can you think of ways that globalization has...
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Similar questions
- Using examples, explain ways in which the Production function has evolvedarrow_forwardWhich of the following examples represents the relationship between division of labor and production? Group of answer choices A company assigns different parts of the production process to various workers, which complicates the process and results in waste A hospital hires more qualified nurses to ensure better quality of care for patients A primary care office hires more doctors to ensure that more patients receive care. A nurse takes patients’ vital signs while the doctor focuses on diagnosis so that more patients can receive carearrow_forwardIdentify the three important factors in the production system. Explain each in your own words. Labor - Capital - Entrepreneur- land-arrow_forward
- Entrepreneurship is unique among factors of production because itarrow_forwardAt low levels of production, marginal productivity of labor increases as labor increases. At high levels of production, marginal productivity of labor decreases as labor increases. Are these two statements contradictory? Explain.arrow_forwardThomas Malthus presented a dismal forecast for man-kind, largely due to the effects of population growth. Show that immigration, like population growth, tends to create unemployment in the short run and reduce the standard of living of workers in the long run, even though it does enhance the economy’s ability to produce. (Use diagram and analysis)arrow_forward
- True or False A production function in "economics" summarizes the technological relationship between inputs and outputs.arrow_forwardLabor and capital can never be substituted for each other. true or false?arrow_forwardWhat is the difference between Karl Max and Adam Smith in term of division of labour?arrow_forward
- Which of the following is an example of capital as a factor of production? Group of answer choices Stocks Bonds money Equipment used by businessesarrow_forwardCharacterize the different factors of production by identifying their roles in the production process.arrow_forwardMany economist and business leaders feel this is the most important factor in the Factors of Production? a. Land b. Capital c. Labor d. Entrepeneurshiparrow_forward
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