What is the most common measure of productivity? How is it calculated?
What will be an ideal response?
The most common measure of productivity is output per labor hour. The total output divided by total labor hours equals labor productivity or the average worker's productivity.
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The use of trade barriers to enforce standards abroad raises all of the following concerns EXCEPT
A) the potential deadweight losses in consumption and production at home. B) the lack of agreement over specific content of standards. C) the potential for the use of trade barriers to erupt into a bigger trade war. D) the difficulty of knowing whether some of the concerns are over standards or veiled protectionism. E) only small countries may be able to use trade barriers effectively.
A rise in the income tax rate will
A) raise the multiplier and raise equilibrium income. B) lower the multiplier and raise equilibrium income. C) raise the multiplier and lower equilibrium income. D) lower the multiplier and lower equilibrium income.
The equilibrium or market clearing price occurs at the point at which
A) quantity demanded equals quantity supplied. B) the supply curve intersects the horizontal axis. C) the demand curve intersects the vertical axis. D) there is a shortage of the desired good.
Which of the following statements is false?
A. Bonuses are paid in addition to base salary. B. Bonuses are frequently linked to performance. C. Free-riding can result from a compensation scheme that gives competitive individual bonuses. D. Free-riding can result from profit sharing. E. Profit sharing redistributes profits back to the workers.