An increase in labor productivity relates to
A) working harder over time.
B) working longer over time.
C) producing the same output with fewer labor hours.
D) producing the same output with more labor hours.
C
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Which of the following is not an advantage of starting a new business as a proprietorship?
A) A proprietorship has few government rules and regulations to comply with. B) The owner has complete control over the business. C) Business profits are only taxed once, not twice. D) A proprietorship can easily attain additional funding.
We collapse the consumer's current-period and future-period budget constraints into a single lifetime budget constraint by
A) assuming no default. B) substituting for savings. C) eliminating consumption smoothing. D) assuming the consumer knows the future.
Figure 10-1
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Suppose a perfectly competitive firm’s situation is shown in Figure 10-1 and the firm is currently producing at D. What can be said about this situation?
A. The firm is suffering an economic loss but is maximizing profits. B. The firm is not suffering an economic loss but is not maximizing profits. C. The firm is not suffering an economic loss and should increase output. D. The firm is suffering an economic loss and should decrease output.
Company towns have situated largely in the
A. East. B. South. C. Midwest. D. West.