QUESTION 15 15. Which of the following are important determinants of one's productivity? O (a) The tools, with which one works-tools that are often made available by the employer (b) The skill level of one's co-workers (c) The economy's transportation and communication systems (d) The ethical behavior of society, at least as it relates to commercial transactions (e) All the above
QUESTION 15 15. Which of the following are important determinants of one's productivity? O (a) The tools, with which one works-tools that are often made available by the employer (b) The skill level of one's co-workers (c) The economy's transportation and communication systems (d) The ethical behavior of society, at least as it relates to commercial transactions (e) All the above
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Question 16. Which of the following statements is TRUE? (More than one answer for question 16).
Transcribed Image Text:QUESTION 15
15. Which of the following are important determinants of one's productivity?
O (a) The tools, with which one works-tools that are often made available by the employer
O (b) The skill level of one's co-workers
O (c) The economy's transportation and communication systems
O (d) The ethical behavior of society, at least as it relates to commercial transactions
(e) All the above
QUESTION 16
16. Which of the following statements is true?
(a) Mutually beneficial exchange requires the absence of coercion and fraud and the ability of the parties to the exchange being able to calculate their costs and
benefits.
(b) For one country to gain from trade the other has to lose.
(c) Only the most efficient producer of a good has the comparative advantage in that good.
(d) Even the worst producer of all goods will always have a comparative advantage in at least one good and will be able to sell that good.
(e) It is possible for exchange which is not mutually beneficial to go forward the costs of "transition," (shifting resources from the import competing industry to the
export industry) are high enough.
(f) The best way to counter the "special interest" problem where producers of import competing goods lobby against trade, is compensation.
Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Expert Solution
Step 1
In economics, productivity refers to the measure of the efficiency of production, or the output generated per unit of inputs used in the production process. It is used to assess the performance of the economy and the level of technological progress.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education