Labor productivity is measured by
A. the ratio of capital to labor.
B. real output per worker hour.
C. real output per capita.
D. the ratio of worker hours to real GDP.
B. real output per worker hour.
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Jody has purchased a non-refundable $75 ticket to attend a Miley Cyrus concert on Friday night. Subsequently, she is asked to go to out dinner at no expense to her. If she uses cost-benefit analysis to choose between going to the concert and going out to dinner, the opportunity cost of going out to dinner should include:
A. neither the cost of the ticket nor the entertainment value of the concert. B. the cost of the ticket plus the entertainment value of the concert. C. only the cost of concert ticket. D. only the entertainment value of the concert.
Which of the following is NOT a correct statement?
A. The country has 12 Federal Reserve districts. B. The Federal Open Market Committee carries out open market operations. C. A majority of private banks are not part of the Federal Reserve System. D. The Fed chairman is appointed by the president for 14 years. E. The Senate ratifies the president's appointment of the chairman of the board of governors of the Fed.
According to the law of demand,
a. demand curves have positive slope. b. supply curves have positive slope. c. demand curves slope downward. d. as consumer income increases, so does demand.
Figure 9.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. If buyers believe that 50% of the used bikes are lemons (low quality), how much will they be willing to pay for a used bike?
A. $50 B. $80 C. $125 D. $200