The soft-drink and automobile industries would be examples of which market model?
A. Monopolistic competition
B. Pure competition
C. Pure monopoly
D. Oligopoly
D. Oligopoly
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The government office that declares official periods of recession and depression is the:
A. National Bureau of Economic Research. B. Bureau of Labor Statistics. C. Congressional Budget Office. D. Federal Reserve Board.
The formula that is generally used to measure productivity is
A. goods divided by time. B. labor divided by resources. C. outputs divided by inputs. D. inputs divided by labor.
A change in the productivity of inputs used to produce a good affects supply because Question 12 options:
A. what is considered to be a substitute or complement in production changes. B. quality of the product changes and so consumers change their demand for the good. C. the number of sellers changes. D. it increases the number of sellers. E. the costs of production change.
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, we would expect the:
A. labor-supply curve in that market to shift left. B. labor-demand curve in that market to shift left. C. labor-supply curve in that market to shift right. D. labor-demand curve in that market to shift right.