Labor productivity is
A. the average amount produced per worker.
B. the average amount produced times the number of people in the labor force.
C. the average amount produced times the number of workers.
D. the rate of change in the total amount produced per worker.
Answer: A
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When a binding price floor is placed on a good, some suppliers who want to sell the good cannot do so
a. True b. False Indicate whether the statement is true or false
For most years of the nineteenth century, U.S. imports exceeded exports, and the U.S. economy had a trade deficit, which contributed to strong economic growth. This contributed to the U.S. economy having the highest per capita GDP in the world by around
a. 1900. b. 1910. c. 1920. d. 1930.
Assume we have a simplified banking system in balance-sheet equilibrium. Also assume that all banks are subject to a uniform 10 percent reserve requirement and demand deposits are the only form of money. A commercial bank receiving a new demand deposit of $100 would be able to extend new loans in the amount of:
a. $90. b. $1,000. c. $100. d. $10.
Exhibit 11-3 Labor supply curve
In Exhibit 11-3, the total wage cost of hiring 6 employees is:
A. $18 per hour. B. $36 per hour. C. $3 per hour. D. $108 per hour.