For this question, assume that the production function exhibits the same characteristics as those presented in the textbook. Based on these characteristics (i.e., assumptions), successive and equal increases in capital per worker will cause which of the following to occur?
A) Output per worker will decline.
B) Output per worker will not change.
C) Output per worker will increase by a constant amount.
D) Output per worker will increase by a larger amount.
E) none of the above
A
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In barometric price leadership, one firm announces a change in price
a. and the other firms follow b. but the other firms refuse to follow c. that it hopes will be accepted by others d. which is merely a test of the market e. none of the above.
Suppose that the wage paid to workers who detassel corn rises. What happens in the market for workers who weed soybean fields, given that workers who detassel corn can easily work weeding soybean fields?
a. The demand curve for soybean workers increases. b. The demand curve for soybean workers decreases. c. The supply curve for soybean workers increases. d. The supply curve for soybean workers decreases.
Which of the following is not true when the economy is fully employed and government bonds are sold to finance greater government spending?
A. The government is running a cyclical deficit. B. This action results in crowding out. C. The government is running a structural deficit. D. This pushes the economy along its production possibilities curve toward more public sector goods.
The division of labor refers to
A) workers being assigned specific tasks. B) workers performing multiple tasks. C) separating men and women in the workforce. D) creating jobs that all people can perform at the same level.