Division of_____ occurs when , for example, in a factor one group of workers is assigned to quality checks and another group is assigned to production of a good.
Macroeconomics is the study of the behavior of the economy as a whole, including economywide phenomena as changes in unemployment, the general price level, and national ______
If the costs of the inputs for a product increase, the supply curve will shift in what direction.
Uing the attached table, at what price does a surplus occur
The rationality assumption is the assumption that people will not make a decision that will make them
Gains from trade are measured by combining producer and __________ surplus
Inez can make a fishing net in 1 hour and a wood box in 4 hours. Maria can make a fishing net in one hour and a wood box in 5 hours. Who has the comparative advantage in making fishing nets?
These individuals specialize in the lowering transaction costs
The law of increasing additional ___, indicates that the opportunity cost of producing additional units of a good increase as more of that good is produced.
When the demand for a good decreases and the supply increases, equilibrium price will_
Refer to item #2 on the attached sheet, what is the number of new workers (expressed in 100s) who would want to work at the wage but cannot find jobs___
Demand for this good rises when the price of another good rises
If an economy operates at a point within the PPC, the economy is operating efficiently. Enter True of False.
A ______is also known as a negative tax for producers
Refer to item #2 on the attached sheet, what number (expressed in 100’s) of workers that would have been employed at the minimum wage but now lose jobs
Inez can make a fishing net in 1 hour and a wood box in 4 hours. Maria can make a fishing net in one hour and a wood box in 5 hours. Who has the absolute advantage in making wood boxes?
As an economy grows, the production possibilities curve moves in this direction.
Demand for these goods rises as income rises
In a ______system, decision making is decentralized and the signaling aspect of this system provides information to buyers and sellers about what and how many items should be produce