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☆☆☆☆☆Cards in this guide (15)
What do the engineers who design the capital goods such as machinery contribute to the production process
intellectual labor
Which economic theorist believed that the division of labor could make workers become like machines
Karl Marx A+
Who was one of the first economists to write about the division of labor
Sir William Petty
Which economist believed that the division of labor could cause workers to become generally more ignorant
Adam Smith.
Who coined the economics term conspicuous consumption
Thorstein Veblen
Which of these describes the principle of division of labor
People are trained to do specific portions of a task in order to speed production of the total task. A+
Which of these statements regarding the gross domestic product is not true
the GDP includes only the firms that are owned by American citizens.
Which of these is not an argument that economists have made against specialization and the division of labor
specialization would lead workers to a higher overall level of skills A+
How are net exports calculated
by subtracting a country's imports by the exports
According to the law of diminishing returns what will happen if you overuse a factor of production
It will not be as efficient as before. A+
In the circular flow model firms compensate households with which items
households
What was not a belief of Adam Smith
Specialization would lead the worker to become depressed spiritually and physically.
Why were Quesnay's theories were based on a simple model of the economy which consisted of which classes
Landowners, Farmers, Businessmen and Craftsmen.
Which economists published the Tableau économique
François Quesnay
The works of which economist lead to a more quantitative study of economics
François Quesnay
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