Which of the following is NOT true about specialization or division of labour?
Specialization and exchange go hand in hand
Specialization implies that each person produces a surplus of one or a few items (e.g. commodities) which he is specialized
Division of labour needs not take account of the extent of the market
Division of labour results in increased productivity
Division of labour results in increased productivity
Correct answer is C
No explanation has been provided for this answer.
Two goods, X and Y, are said to be complementary when?
A fall in the price of X raises the demand for Y
A fall in the price of X causes a fall in the demand for Y
A fall in the price of X does not affect the demand for Y
A rise in the price of X does not affect the demand for Y
The two goods are competitive.
Correct answer is A
No explanation has been provided for this answer.
Human wants are numerous but the resources needed to satisfy them are limited
Given numerous wants and limited resources only individuals and businesss firms make choice
The process of making a choices involves opportunity cost
An economist is not interested morality or otherwise of any choice so made
Usually choice is made from a list of wants compliled in the context of a scale of preference
Correct answer is B
No explanation has been provided for this answer.
One of the disadvantages of division of labour is that?
There is saving of time
It result in workers acquiring greater skill at their jobs
There is a greater risk of unemployment
It makes possible the use of machinery
It makes the worker less fatigued by his work
Correct answer is C
No explanation has been provided for this answer.
The marginal physical product of labour is?
The out put of labour unaided by machinery
The extra revenue from the output of one additional woker
The difference in the output of two workers
Additional output achieved when one extraworker is added to fixed account of other factors
None of the above
Correct answer is D
No explanation has been provided for this answer.