In the contemporary United States, labor productivity has been growing at approximately
a. 1.5 percent per year
b. 2.0 percent per year.
c. 2.6 percent per year.
d. 3.9 percent per year.
c
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In the United States the real wages of the least-skilled, least educated workers have ________ and the wages of best-educated, highest skilled workers have ________.
A. increased; increased B. declined; remained constant C. increased; declined D. declined; increased
Congress's passage of new laws significantly increasing the regulation of business would tend to ________.
A. increase per-unit production costs and shift the aggregate demand curve to the left B. increase per-unit production costs and shift the aggregate supply curve to the right C. increase per-unit production costs and shift the aggregate demand curve to the right D. increase per-unit production costs and shift the aggregate supply curve to the left
If new firms are expected to enter an existing market, ________
A) the market price is likely to fall B) the market demand is likely to increase C) the market supply is likely to fall D) the profits of all firms are likely to increase
Assume that one firm in a perfectly competitive market adopts a technological innovation that enables it to produce at a lower cost per unit than competing firms in the short run. Which of the following statements is correct?
a. The innovating firm will earn above-normal profit in the long run. b. All the competing firms will be forced to exit the market in the long run. c. This is an example of a decreasing cost industry. d. Competing firms will need to adopt the new technology in the long run in order to survive. e. Only new firms entering the industry with new-technology plants will be able to compete with the innovating firm.