Q5. Specialization:A. leads to greater self-sufficiency.B. can lead to an increase in overall production.C. allows workers to develop skills by working on a large number of tasksD. is always the result of an inefficient use of resources

Specialization: It means focusing on a limited range of production tasks that can be performed best.…

Answered: Q5. Specialization: A. leads to greater…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Natural resources are: more important determinants of productivity today than ever before. the reason behind the fast development of countries like Japan. the reason behind the slow development of countries like Nigeria. O less reliable indicators of productivity today than they were a century ago. ME
Physical capital is the factories and machinery used to produce other goods and services. ● e ● ● the talents, training, and education of workers. the financial resources available for investment. the physical labor of workers.
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Physical capital is A) the factories and machinery used to produce other goods and services. B) the talents, training, and education of workers. C) the financial resources available for investment. D) the physical labor of workers.
a. It takes Country A two hours to produce a unit of consumer goods and five hours to produce a unit of capital goods. Country B can produce a unit of consumer goods in one hour and a unit of capital goods in four hours. Which country has a comparative advantage in the production of consumer goods? Explain. b. Country A has the following labor market data: Employed Frictionally unemployed Structurally unemployed Cyclically unemployed 91,000 4,000 2,000 3,000 Not in the labor force, aged 16 years and over 25,000 Calculate the unemployment rate for Country A. c. Calculate the labor force participation rate for Country A. d. Illustrate Country A's current employment of resources every 10 hours on a production possibilities curve with capital goods on the vertical axis and consumer goods on the horizontal axis. Assume constant opportunity costs. Indicate the current employment based on the data from (b) with a point labeled E.
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15. Assuming Portugal has 180 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of cloth in Portugal is ____ mhrs/yard. (Please do NOT reduce fractions to decimals.)
Capital goods Which points on the graph show the most efficient use of this society's resources? B (B, C, D, E) (A, D, E, F) (A, B, E, C) Consumer goods (A, B, C, D) ^
10. Labour-saving technical progress means a) that marginal productivity of capital increases. b) that marginal productivity of labour increases. c) that marginal productivity of both inputs increases. d) None of the above is correct. CHOOSE ONE ANSWER ONLY.
Please answer each question with sufficient detail. Relevant detailed responses are highly rewarded. If you consult any sources, then you should provide both in-text citations and references at the end of each response. You need to make sure at least consult your textbook for your responses. 1. Explain how the international movement of products and of factor inputs promotes an equalization of the factor prices among nations.
Refer to the information provided in Figure below for the economy of Macroland to answer the question. Capital goods A Consumer goods Refer to Figure above Macroland's production possibility frontier is bowed out from the origin due to Select one: a. decreasing opportunity costs. b. trade. c. specialized resources. d. unemployment.

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Q5. Specialization: A. leads to greater self-sufficiency. B. can lead to an increase in overall production. C. allows workers to develop skills by working on a large number of tasks D. is always the result of an inefficient use of resources