If average labor productivity decreases while population and the number of employed workers remain constant, then total output:
A. increases.
B. decreases.
C. may increase or decrease.
D. remains constant.
Answer: B
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The supply curve indicates the minimum quantity that a producer would be willing to supply at alternative prices
Indicate whether the statement is true or false
Assume Victoria's indifference curves are bowed outward but her indifference curves satisfy the other three properties of indifference curves. As Victoria moves from right to left along the horizontal axis, her marginal rate of substitution
a. increases. b. decreases. c. remains constant. d. increases, then decreases.
The best measure of average income for a country is
A. Per capita GDP. B. Real GDP. C. The economic growth rate. D. The capital stock of the economy.
In Macroland, autonomous consumption equals 100, the marginal propensity to consume equals 0.75, net taxes are fixed at 40, planned investment is fixed at 50, government purchases are fixed at 150, and net exports are fixed at 20. Induced expenditure equals:
A. 320 + 0.25Y. B. 0.75Y. C. 290 + 0.75Y. D. 0.25Y.