Title: Economics 102 questions? Help? | Yahoo Answers
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Economics 102 questions? Help?
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Content: Help? Is there anyone willing to help me with my econ 102 problems!? 69. The specialization of labor
a. leads to a reduction in unemployment
b. means that less equipment will be employed when labor and capital are substitutes in production
c. expands the output a society can produce
d. decreases the costs to the firm of coordinating activities
e. effectively separates labor from management
70. The principle of specialization and exchange implies that
a. total production is highest when individuals specialize according to their absolute advantages
b. productive inefficiency increases as producers in society specialize
c. exchange can only occur when there is specialization in the economy
d. gains from specialization will only occur when society is operating at a point along its production possibilities frontier
e. total production is highest when individuals specialize according to their comparative advantages
71. Specialization leads to greater production than is otherwise possible
a. only if different workers have different natural abilities
b. only if production is organized within business firms
c. under capitalism, but not under communism
d. even if different workers have identical natural abilities
e. under communal ownership, but not under capitalism
72. If Indiana has an absolute advantage over Maine in producing both corn and ball bearings, then
a. Indiana should produce both corn and ball bearings
b. there are no benefits possible from specialization
c. Maine should produce ball bearings and Indiana should produce corn
d. Indiana should produce ball bearings and Maine should produce corn
e. they still may benefit from specialization, but more information is needed to determine which state should specialize in each
73. A person has a comparative advantage if
a. she can produce everything more cheaply than her co-worker can
b. she can produce everything at a faster rate than her co-worker can
c. she can produce a good with a smaller opportunity cost than her co-worker can
d. she sees through corporate and government manipulation
e. she gets rich through inheritance
74. When individuals concentrate on a limited number of productive activities, this is known as
a. shirking
b. productive inefficiency
c. exchange
d. specialization
e. an economic system
75. A method of allocating scarce resources is a necessary component of
a. all economic systems
b. all economic systems except market capitalism
c. centrally-planned socialism and market socialism only
d. centrally-planned capitalism and market capitalism only
e. all economic systems except centrally planned socialism
76.