Specialization is economically useful because it can Question 7 options: Help workers develop a wide variety of skills. Increase central planning of the economy. Increase the number of workers in the economy. Increase how much the economy can produce.

Economies of scale are cost benefits harvested by organizations when creation becomes effective.…

Answered: Specialization is economically useful…

Specialization is economically useful because it can Question 7 options: Help workers develop a wide variety of skills. Increase central planning

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 20SQ

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Specialization is deciding who can make decisions. True False
Which of the following are among the reasons offered by Adam Smith for why specialization results in higher levels of output? (Select all that apply. Hint: There are 2 correct answers.) Select all that apply: Specialization in a particular small job allows workers to focus on the parts of the production process where they have an advantage. Specialization allows businesses to take advantage of economies of scale. Specialization allows workers to experiment with different tasks to see which responsibilities make them happiest at work. Workers who specialize in certain tasks forgo an opportunity to learn how to do new tasks efficiently.
Part A: Which of the following are examples of specialization? Check all that apply. A. Akshay understands people, and Eleanor is an expert on sports; therefore, Akshay is a therapist, and Eleanor is a sports commentator. B. Victor is a fashion designer. He hires a domestic worker to clean his apartment twice a week so that he can concentrate on designing. C. Felix and Megan each spend half the day tutoring and half the day grading papers. In between tutoring and grading papers, they each must spend an hour driving home from the tutoring center and getting set up for grading papers. Part B: Which of the following are necessary conditions for specialization to occur? Check all that apply. A.Individuals focus only on the tasks they prefer. B. Everyone must be equally productive at the same task. C. A system of exchange must be in place. Part C: Megan is one of the top race car drivers in the world. Megan has two kids age 12 and 14. True or…
Write a detailed note on Industrial Revolution
Which of the following is an example of a one-commodity country? Vietnam is a relatively poor nation that relies on agriculture and a developing manufacturing base. Japan has few natural resources but is among the world's leaders in manufacturing and high-tech jobs. Based on per capita income, Qatar is the richest country in the world, with almost all of its money coming from oil sales. The United States is a wealthy country that has large amounts of natural resources, is the world's leader in agricultural output, and is one of the top nations for manufacturing.
How might the variety of differing perspectives in a foreign country, including working with government agencies, change a company's approach?
Globalization had brought different effects to the society. It had changed that world and how the world processes. Different states join together in creating a better world for humanity. Different businesses establish parts of their business in different parts of the planet in order to provide work for the underdeveloped or developing nations. Most of these nations profit from the globalization processes of the world because this is the way in which they acquire profit. Having a Multi-national Corporation (MNC) invest in one of those nations provides good opportunity not only for the government but also the people. Among the entities involved in the process of globalization, the people are said to profit most for the reason that they are given opportunities and jobs for their family. However in another perspective, the MNCs could be seen as the most profitable entity in the aspect of globalization. It is known to many that the labor pay for the people of the developed and…
4.1 Who first developed the theory that the size of the market would encourage specialization and lead to higher productivity? Joseph Schumpeter Milton Friedman Adam Smith John Maynard Keynes
The use of knowledge to improve productivity and enhance economic growth is known as Group of answer choices accumulation of physical capital. invention. innovation. All of the above
Fortune magazine conducts an annual survey and publishes the rankings of the World's Most Admired Companies. Locate the most recent publicly available ranking, follow the link to the best companies, and focus on the nine factors highlighted by Fortune magazine. What stages or areas of global production/value chain are found among these top rated companies? Based on these data, prepare an analysis of the strategic and organizational success of a company of your choice. How does this company both follow and contribute to the logic of globalization? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
This is not a writing assignment, this is a multiple-choice question Which of the below statements does NOT reflect the ideas of Trade and Globalization. In short, with which of the below statements would DISAGREE? Group of answer choices Productivity is what makes us rich. Specialization is what makes us productive. Protectionism saves jobs in the short run and slows down economic growth in the long run. It does not make economic sense for us to raise a cow and slaughter it for meat and thus not to have to pay the butcher, because raising a cow would take up time and resources that we can put to other better uses if we buy the meat from the butcher. Abraham Lincoln, whe advised to buy cheap iron rails from Britain to finish the transcontinental railroad, is supposed to have responded thus: "It seems to me that if we buy the rails from England, then we've got the rails and they've got the money. But if we build the rails here, we've got our rails and we've got our money."
What are the effects of Globalization on the world economic system? How did it improve the world economy? Was it helpful or detrimental to countries all over the world? Highlight important events that will support your answer. CITE YOUR SOURCES PROPERLY. Use proper APA citation and don't forget to include your bibliography.

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	Help workers develop a wide variety of skills.
	Increase central planning of the economy.
	Increase the number of workers in the economy.
	Increase how much the economy can produce.