Economics and Division of Labor Quiz
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Economics and Division of Labor Quiz

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@WellManneredOstrich

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Questions and Answers

Which term refers to the average cost of production?

  • Economic scale (correct)
  • Division of labor
  • Economics
  • Scarcity
  • Which term describes when workers focus on a specific task at hand?

  • Monetary policy
  • Specialization (correct)
  • Macroeconomics
  • Fiscal policy
  • Which term involves altering the level of interest rates?

  • Macroeconomics
  • Monetary policy (correct)
  • Fiscal policy
  • Microeconomics
  • Which term refers to the economy as a whole?

    <p>Macroeconomics</p> Signup and view all the answers

    Which term involves the government's economic decisions being passed down?

    <p>Command economy</p> Signup and view all the answers

    Who is considered the father of Economics?

    <p>Adam Smith</p> Signup and view all the answers

    What is the study of how humans make decisions based on scarcity called?

    <p>Microeconomics</p> Signup and view all the answers

    Which term refers to the way workers divide the required task at hand?

    <p>Division of labor</p> Signup and view all the answers

    What does specialization allow businesses to take advantage of?

    <p>Economics of scale</p> Signup and view all the answers

    What does fiscal policy involve?

    <p>Government spending and taxes</p> Signup and view all the answers

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