Dividing the value of real GDP by aggregate labor hours gives
A) the net domestic product.
B) labor productivity.
C) the size of the labor force.
D) the rate of capital accumulation.
B
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The quality adjustment bias of the CPI refers to the failure of statisticians to:
A. take into account price changes in goods and services. B. allow for the possibility that consumers switch from products whose prices are rising. C. take into account improvements in goods and services. D. allow for the possibility that consumers switch stores at which they shop.
Which of the following contributes to the efficiency of markets?
A) Markets promote competition and voluntary exchange. B) Markets are able to bring about an equitable distribution of goods and services. C) Governments play an active role in the day-to-day operations of markets. D) Markets promote equal standards of living.
Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb, where QD is the quantity of pizza demanded, P is the price of a pizza, and Pb is the price of a burrito
What is the slope of this demand function, and what information does the slope provide?
If ZipCo's marginal revenue product curves slope downward, what can we conclude about the structure of the market in which ZipCo sells its product?
a. The firm is a price searcher because price is greater than marginal revenue. b. The firm is a price taker because price is equal to marginal revenue. c. The firm is a price searcher because the price of each resource is constant. d. The firm is a price taker because the price of each resource is constant. e. Nothing.