Suppose that real domestic output in an economy is 20 units, the quantity of inputs is 10, and the price of each input is $4. Answer the following question on the basis of this information. Refer to the information. All else being equal, if the price of
each input increased from $4 to $6, productivity would:
A. fall from 2 to 3.
B. fall from .50 to .33.
C. rise from 1 to 2.
D. remain unchanged.
D. remain unchanged.
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Describe the three different approaches to measuring the amount of economic activity that occurs during a period of time and explain why they all give identical measurements
What will be an ideal response?
Historically, which of the following is the most influential factor driving innovation in the hotel industry?
A. Downturns in the economic cycle B. Focus of the populace on travel in general C. Amenity creep D. Importance of innovation as seen by individual property managers E. Whether or not brand equity is seen as important at any given time
The equilibrium compensating wage differential between two occupations in the same city is $10 per hour. Both occupations have equivalent training requirements. Shannon works in the higher-paying occupation and would have been willing to do so even if the compensating differential was $5 per hour. Therefore,
a. Shannon will migrate to the lower-paying occupation b. Shannon must have a greater distaste than the typical worker for the nonmonetary characteristics of her occupation c. the equilibrium compensating wage differential is more than enough to prevent Shannon from moving to the other job d. the higher-paying occupation cannot have a perfectly competitive labor market e. Shannon must have a greater preference than the typical worker for the lower- paying occupation
Demand shifters do not include the
A. consumer's tastes and preferences. B. the price of the other related goods. C. price of the good. D. consumer's expectations about future prices of the good.