Divisions of labor in production

Economic efficiency tends to be improved via: (1) Divisions of labor in specialization and production and trade according to comparative advantage. (2) Maximization of the opportunity costs. (3) Understanding macro-economics. (4) Intensive investments in education. (5) Common sense rather than theory.

Can someone please help me in finding out the accurate answer from the above options.

View Complete Question

Related Questions in Public Economics

Q : Influence of economic good in

An economic good is everything for that: (w) increased consumption increases people's satisfaction. (x) entrepreneurship, land, labor and capital are needed. (y) an economic bad is its physical opposite. (z) producers obtain profits in place of losses

Q : Why is Scarcity existed for human

Scarcity exists since human desires are: (i) minute relative to the means available to satisfy them. (ii) heavily affected by advertising and wants to “keep up along with the Joneses.” (iii) immoral. (iv) controllable merely through brainw

Q : Case of unsuccessfulness of goods in

Consider the several possible goods currently producible within the United States, specified our available technologies and resources. When we produced only cat litter and razor blades, there would be a failure to get: (i) distributive efficiency. (ii) economic equity

Q : Define the normative economics in

Hello guys I want your opinion. Please suggest your answer for following Normative-economics problem. Normative economics: (i) based upon value judgments. (ii) involves statements which are either right or wrong. (

Q : Assignments I want it tomorrow night or

I want it tomorrow night or before, please.

Q : Find cigarette taxes testing in

Positive economic analysis would take in testing a theory which raising cigarette taxes would: (1) harm smokers much more than it helped non-smokers. (2) enhance social welfare by reducing smoking from teenagers. (3) boost cigarette prices and decreas

Q : Efficiently distribution of goods If

If goods are efficiently distributed in between households, then all family is: (w) sure to lose when any income redistribution arises. (x) treated equitably. (y) and also off as possible without making any other family worse off. (z) able of gaining by a better distr

Q : Explain invisible hand of Adam Smith

The “invisible hand” of Adam Smith described: (w) a large role for the government. (x) altruist motives in civilized society. (y) technological advances promoted throguh monopolies. (z) self-correcting market mechanisms.

Q : Illustrate Prices of gold and silver in

Gold and silver, both although better conductors of electricity than copper, are not generally used for household electric circuits since they are much more expensive. It illustrates prices like: (i) Information. (ii) Rationing devices. (iii) Incentiv

Q : FUNDAMENTAL economic problems of

Society's FUNDAMENTAL economic problems do NOT comprise deciding: (w) what goods to produce. (x) how to produce the goods selected. (y) what occupation each person must pursue. (z) who must find to use the goods produced.

Discover Q & A

Leading Solution Library

Avail More Than 1417892 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1930097
Asked

3,689

Active Tutors

1417892

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment