According to Edward Denison, the major source of labor productivity is
a. improvements in labor quality.
b. economies of scale.
c. the changing composition of the labor force.
d. technological progress.
e. education per worker.
D
Economics
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When we use money to purchase goods and services, we are using money as a
A) reserve of wealth. B) unit of account. C) medium of exchange. D) bartering tool. E) store of value.
Economics
When MR < MC for a firm, the firm should
A) reduce its level of output. B) stay at the same level of output. C) stop producing. D) increase output, unless P < AVC.
Economics
Total output equals total income
a. only at equilibrium. b. always. c. only at non-equilibrium levels of income. d. never.
Economics
There are no fixed costs in the long run.
Answer the following statement true (T) or false (F)
Economics