Labor productivity is defined as
A. the amount of output a typical worker turns out in an hour of work.
B. the amount of output the best worker turns out in a day of work.
C. the amount of output improvement in a year of work.
D. the amount of average output improvement for a team in a year of work.
Answer: A
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Economic theory defines capital as
A) anything that is scarce. B) non-human resources. C) produced resources used to produce future goods. D) resources containing a positive opportunity cost. E) stocks and bonds.
Autonomous consumption spending is consumption spending:
a. that is dependent on changes in disposable income. b. on durable goods. c. that causes the MPC to rise. d. that is independent of the level of disposable income. e. that causes the MPC to fall.
Recall the Application about the effects of increasing state level Earned Income Tax Credit (EITC) on child health in the United States to answer the following question(s).Recall the Application. According to the study cited in the Application, a $100 increase in the value of the state EITC causes a decrease in the probability that a child is in fair or poor health by ________percentage points.
A. 1.2 B. 7.6 C. 9.9 D. 0.5
If the own-price elasticity of demand is -1.25, in order for the manufacturer of Ragu to increase total revenue, at least in the short run, it would be advisable to
A) Can't tell; insufficient information B) Raise the price of Ragu. C) Lower the price of Ragu. D) Do nothing.