Which of the following is a correct way to measure productivity?
a. Divide the number of hours worked by the quantity of output.
b. Divide the quantity of output by the number of hours worked.
c. Determine how much output is produced in a given time.
d. Determine how much time it takes to produce a unit of output.
b
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The behavior of the perfectly competitive firm
A. theoretically leads to an inefficient allocation of resources. B. maximizes the benefits to consumers, given the resources available to the economy. C. reduces output in order to raise prices in the short term. D. results in excess capacity and inefficiency.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the short run would be:
A. P1 and Y2. B. P3 and Y1. C. P2 and Y2. D. P2 and Y3.
One opportunity cost associated with going to college is
A. paying for the costs of food prepared at home. B. giving up employment possibilities while in college. C. paying for room, board, and other living expenses. D. paying tuition.
In which basic market would MP3 players be traded?
A. the goods and services market B. the capital market C. the money market D. the labor market