Labor resources include:
a. skilled workers but not unskilled workers.
b. unskilled workers but not skilled workers.
c. a robot.
d. education and training of workers.
e. coffee breaks.
d
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The marginal revenue product is
a. the marginal product of labor divided by the output price. b. the marginal product of labor minus the output price. c. the additional revenue produced by one more unit of output. d. the marginal product of labor multiplied by the output price.
A government has the ability to use fiscal and monetary policy to mitigate the effects of economic fluctuations.
Answer the following statement true (T) or false (F)
If the price of gasoline has increased from $2 per gallon to $4 per gallon at the same time that the overall price index increased from 200 to 400, then you know that the inflation adjusted price of gasoline has
A. decreased. B. increased. C. remained constant.
The sum of consumers' surplus and producers' surplus is maximized at equilibrium
Indicate whether the statement is true or false