Which of the following is NOT a reason why the division of labor increases an ec

Question

Which of the following is NOT a reason why the division of labor increases an economy s level of production. O Opportunity Costs Economies of scale QUESTI 10 points Save Answer Which of the following is a macroeconomic issue? O one firm's decision about how many workers to hire the national unemployment rate O one individual's decision about whether or not to work overtime O one firm's decision about how much to advertise QUESTI 10 points Save Answer Which of the following is NOT one of the three main goals of OEquality O Economic Growth OLow Unemployment Low Inflation QUESTI 10 points Save Answer In economics, a model is O a guess about how something works O a simplified representation of how two or more variables interact with each other O a picture of any piece of economic information O a written explanation of an event

Explanation / Answer

1. b. opportunity costs
(Division of labor increases an economy's level of production through specialization as workers produce the good of their specialization which increases production of that good, learning by doing helps in gaining the skills required for production thereby increasing production and lastly, economies of scale when cost of production is reduced. So, its just opportunity cost which is not a factor in why division of labor increases economy's level of production.)

2. b. the national unemployment rate
(Macroeconomics studies the aggregate behaviour of the economy whereas micreconomics is concerned with behaviour of individual households and firms. So, the national unemployment rate is the only macreconomic issue as it is related to overall performance of the economy whereas all other options are micreconomic issues.)

3. a. Equality
(Three main goals of macroeconomics are Economic growth, low unemployment and low inflation)

4. b. a simple representation of how two or more variables interact with each other
(An economic model explains logical or quantitative relationship between different variables)

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