6. Division of labor implies a. Each labor unit specializes in a specific task.

Question

6. Division of labor implies a. Each labor unit specializes in a specific task. b. Each labor unit utilizes cross-training to become efficient at every task. c. Each output becomes more specialized. d. The production function rises, but at a diminishing rate 7. Comparative advantages implies that a nation a. Will import that good in which they possess a comparative advantage b. Produces larger quantities of the good than any other nation c. Produces the good at the lowest opportunity cost of all nations d. Reduces labor restrictions and environmental policies to reduce total costs 8. Which of the following statements is true about profit maximization for a perfectly competitive firm? a. Profit is higher at that level of output than any other. b. Firms can lower prices to gain higher profits. c. Firms continue to increase prices to gain higher profits. d. A firm maximizes profit differently in the short run and the long run. 9. Marginal revenue is.. a. Price multiplied my quanity sold b. Never the same as price c. The additional revenue a consumer receives from producing one more unit of output d. The additional revenue a firm receives form selling one more unit of output. 10. Which is the best example of an explicit cost of attending college? a. The cost of fees for technology usage b. The cost of books c. The cost of tuition d. All options are explicit costs

Explanation / Answer

b. Firms can lower prices to gain higher profits. d. The additional revenue a firm receives form selling one more unit of output. d. All options are explicit costs

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