In 2010, Acme Foods produced 300,000 bags of pretzels, employing 12,000 hours of labor. In 2011, it produced 322,000 bags of pretzels, employing 14,000 hours of labor. Acme Foods productivity
a. decreased by 8%.
b. was unchanged.
c. increased by 6.8%.
d. increased by 7.3%.
a
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The TSLS estimator is
A) (X'X)-1 X'Y B) (X'Z(Z'Z)-1 Z'X)-1 X'Z(Z'Z)-1 Z' Y C) (X?-1X)-1(X?-1Y) D) (X'Pz)-1PzY
Discouraged workers are included in the
a. labor force category. b. unemployed category. c. not in the labor force category. d. employed category.
Ray buys a new tractor for $118,000 . He receives consumer surplus of $13,000 on his purchase. Ray's willingness to pay is
a. $13,000. b. $105,000. c. $118,000. d. $131,000.
Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. What is the opportunity cost to Cathy of making a cake?
A. 1 pie. B. 1.33 pies. C. 1.5 pies. D. 2/3 of a pie.