Adam Smith Illustrated Improvements in Efficiency Through the Application of

question 89

Multiple Choice

Adam Smith illustrated improvements in efficiency through the application of

• A) departmentalization.
• B) specialization.
• C) generalization.
• D) registration.
• E) delegation.

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Definitions:

John Maynard Keynes

A British scholar in economics whose contributions had a profound impact on how macroeconomics is understood and applied by governments.

Unemployment Rate

A measure indicating the proportion of the workforce that is not employed but is actively seeking work and willing to work.

Recessionary Gap

The difference between the actual output of an economy and the output it would produce if it were at full employment, indicating underperformance.

Equilibrium GDP

The level of Gross Domestic Product (GDP) at which aggregate supply equals aggregate demand, indicating a state of economic balance.