For given inputs of labor and capital, if technology is better, labor productivity will be
A. higher.
B. lower.
C. unchanged.
D. characterized by increasing returns to scale.
Answer: A
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A measure of a country's production is its
A) general domestic production. B) gross domestic product. C) gross daily production. D) general daily product. E) gross total output.
Refer to the table above. What is the shortage in the market when the price of a notebook is $3?
A) 4 units B) 10 units C) 16 units D) 20 units
In colonial America, ____________ was/were especially scarce, while the supply of _______________ was plentiful
a. land and labor; capital b. capital and labor; land c. land and capital; labor d. unskilled labor; skilled labor
The burden of a tax will fall primarily on buyers when the
a. demand for the product is highly inelastic and the supply is relatively elastic. b. demand for the product is highly elastic and the supply is relatively inelastic. c. tax is legally (statutorily) imposed on the seller of the product. d. tax is legally (statutorily) imposed on the buyer of the product.