Most economists support the infant-industry argument because it is so easy to implement in practice
a. True
b. False
Indicate whether the statement is true or false
False
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Differences in productivity can actually benefit society even when this results in increases in income inequality
Indicate whether the statement is true or false
Buyers are able to buy all they want to buy and sellers are able to sell all they want to sell at a. prices at and above the equilibrium price
b. prices at and below the equilibrium price. c. prices above and below the equilibrium price, but not at the equilibrium price. d. the equilibrium price but not above or below the equilibrium price.
Productivity is defined as the quantity of
a. labor required to produce a nation's GDP.
b. labor required to produce one unit of goods and services.
c. goods and services produced from each unit of labor input.
d. goods and services produced per unit of time.
As an In-N-Out Burger restaurant increases the number of employees for a specific restaurant,
A. The production function will increase. B. Costs of production will fall. C. Efficiency will suffer as the restaurant becomes too crowded with employees. D. Total production of hamburgers will fall.