As a manufacturer becomes a mass producer, generally productivity ____ and wage rates _____.
A. falls; fall
B. rises; rise
C. rises; fall
D. falls; rise
B. rises; rise
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Why are music, television, and movie companies concerned about their products being posted to Internet Web sites such as YouTube?
What will be an ideal response?
In the long run, a firm's producer surplus is equal to the
A) economic rent it enjoys from its scarce inputs. B) revenue it earns in the long run. C) positive economic profit it earns in the long run. D) difference between total revenue and total variable costs. E) difference between total revenue and total fixed costs.
Harold Brown runs a company that sells encyclopedia sets for $250 each. When he employs 10 workers, they can sell 60 sets per week, while only 54 sets are sold when 9 workers are employed. What is the weekly marginal revenue product of the tenth worker?
a. $250. b. $1,250. c. $1,500. d. $15,000.
The reason that only final sales are counted in GDP is
A. to not count production in other countries. B. to avoid double counting goods that are sold so as to be resold. C. because the government can't get records on intermediate sales. D. to simplify the computation and no other reason.