Increases in labor productivity from improved technology
a) increase the long run supply of labor
b) reduce the demand for labor
c) reduce real wages
d) induce firms to substitute capital for labor
e) have no long run effect on total hours worked
e) have no long run effect on total hours worked
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Which country has experience the highest GDP growth in recent years?
A. China B. USA C. Russia D. Greece
If a firm is operating at a loss in the short run and finds that its price is greater than average variable cost, then
A. it should produce where MR = MC. B. it should produce zero output. C. total revenue is greater than total costs. D. total revenue is less than total variable costs.
In fisheries management, ITQ stands for:
A. international transferable quota. B. individual transferable quota. C. international tuna quotas. D. individual trolling quotas.
The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. What is the marginal social cost to the economy of Kaffenia of producing the 100th dozen doughnuts each day?
A) $10.00 per dozen B) $8.00 per dozen C) $6.00 per dozen D) $4.00 per dozen