Productivity growth in the United States has been ____________ the productivity growth in Europe in the period between 1995 and the present.
Fill in the blank(s) with the appropriate word(s).
Answer: higher than
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Refer to the above table. What does the marginal revenue product equal when 26 workers are hired a week?
A) $8.50 B) $26 C) $221 D) $1190
The marginal physical product of labor is not
a. the change in output that results from employing an additional worker b. the average productivity of each worker employed c. the marginal contribution to output of each additional worker d. a measure of the contribution of an additional worker to output e. usually increasing at an increasing rate for the first units of labor used in production
Someone unemployed for a long period of time due to technological change would be described as structurally unemployed
a. True b. False Indicate whether the statement is true or false
When a firm decides to hire more workers because local wage rates have decreased, this is an example of
a. substitution in consumption. b. market failure. c. labor exploitation. d. substitution in production.