Multiple Choice
The workers in Adam Smith's famous pin factory, who were proficient in pin production, faced the problem of
A) too many different tasks.
B) becoming bored with their jobs.
C) needing to exchange pins for other goods and services.
D) not having too few pins to purchase other goods and services.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Efficient production can be carried out anywhere
Q4: The law of comparative advantage implies that
Q5: A production possibilities curve always slopes downward
Q6: Do all valuable items have price tags?<br>A)No,
Q7: While specialization and exchange were very important
Q9: If good "A" is represented on the
Q10: Efficiency is defined as minimizing waste.
Q11: Because of scarcity, every economic decision involves<br>A)a
Q12: If a farmer's opportunity cost of producing
Q13: If an economy is producing inefficiently, it