Labor productivity measures:
a. how many hours a person works.
b. the amount of output all workers produce.
c. the amount of output each worker produces given a set of inputs.
d. how much money a worker earns.
c. the amount of output each worker produces given a set of inputs.
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Bill is a high-school dropout who lost his job in a fast food restaurant when the economy plunged into a recession. After 8 months, Bill is still looking for work. He is an example of
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) the natural unemployment rate.
Economies of scope exist when
A) the total cost of production falls as the output increases. B) a firm hires specialized resources to produce a range of goods and services. C) a firm uses outsourcing to produce a good or service. D) the cost of producing a unit of a good falls as its output increases.
Three basic decisions must be made by all economies. What are they?
a. How much will be produced; when will it be produced; who will produce it? b. What goods will be produced; how will goods be produced; for whom will goods be produced? c. What will be consumed; how will goods be consumed; for whom will goods be consumed? d. How will the opportunity cost principle be applied; if the law of comparative advantage will be utilized, how will it be utilized; will the production possibilities constraint apply?
What is the difference between a recession and a depression?
(A) Unlike a recession, a depression includes high levels of inflation. (B) A recession is more severe than a depression and lasts longer. (C) A depression is a particularly deep recession with high levels of unemployment. (D) A recession is a period of economic growth while a depression is a period of economic contraction.