Labor productivity refers to the quantity of goods and services that can be produced
A) by the entire labor force.
B) by one worker or one hour of work.
C) in the entire economy in one year.
D) by all employed workers.
B
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Which of the following decreases the demand for nominal money?
A) a decrease in the nominal interest rate B) an increase in real GDP C) an increase in the quantity of money D) a decrease in the price level
The aggregate supply curve shows the total quantity of output that firms are willing and able to supply at a given inflation rate. This is the same relationship that is shown by the
A) aggregate expenditure curve. B) Phillips curve. C) MP curve. D) IS curve.
Use the above table. If the marginal revenue product is $30, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 1; $10 B) 2; $15 C) 3; $20 D) 4; $25
If a firm is experiencing diminishing marginal returns to labor,
a. the additional increments to output become smaller as more labor is used b. total output falls as more labor is used c. total output remains constant as more labor is used d. additional increments to output rise as more labor is used e. total revenue falls as more labor is used