The term labor productivity refers to the
a. management time required to manage a unit of output
b. maximum number of laborers that a production facility can utilize
c. ratio of workers' wage rate to the value of the good
d. minimum number of laborers required to produce a good
e. quantity of output per laborer per hour
E
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Under ________, there are many firms selling slightly different products
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
Refer to Figure 17-2. Suppose the economy is at point C in the figure above. If workers adjust their expectations of inflation, which of the following will be true?
A) Workers and firms expect inflation to be 1%. B) The short-run Phillips curve will shift to the right. C) The natural rate of unemployment is 6%. D) The economy will move from C to A. E) The short-run Phillips curve will shift to the left.
Which of the following is true for a typical firm in a typical cartel?
a. "I can never do better for myself than by following agreed-upon cartel policies." b. "If everyone cheats, I'm better off, and so is everyone else in the cartel." c. "If I alone cheat, I'm better off; if everyone cheats, I'm worse off." d. "If I suspect others are planning to cheat, I'll do best for myself by refraining from cheating."
If the production of a product results in significant external costs, an appropriate government policy might be to
A. subsidize consumers since the good is being under-consumed. B. subsidize the production of the good. C. tax consumers' incomes and thus shift the demand curve to the left. D. tax producers and thus shift the supply curve to the left.