From 1973 to 1995 the growth rate of labor productivity in the U.S. was approximately
a. ?0.8%.
b. 1.4%.
c. 2.9%.
d. 5.1%.
b
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Optimal decisions are made on the basis of
A. rate of growth in total profit. B. average cost and average revenue figures. C. impact on market share. D. marginal cost and marginal revenue figures.
Given the scenario described, if the market price of hammers increased from $6 to $8:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. producer participation in the market would increase. B. producer participation in the market would decrease. C. producer participation in the market would remain unchanged. D. total producer surplus would increase by $2.
Which of the following is the best definition of economics?
a. Economics is the study of how humans make decisions in the face of scarcity. b. Economics is the study of the division and specialization of labor. c. Economics is the study of the production of goods and services. d. Economics is the study of markets.
Insurance companies do NOT cover losses that would
A) happen to all of the policyholders at once. B) happen with a very low probability. C) happen to just a handful of policyholders. D) happen with uncertainty.