Adam and Doug both build birdhouses. Adam works 30 hours a week and produces 15 bird houses. Doug works 20 hours a week and produces 12 bird houses. Which of the following is correct?
a. Adam's production and productivity are higher than Doug's.
b. Adam's production is higher than Doug's, but Doug's productivity is higher than Adam's.
c. Doug's production is higher than Adam's, but Adam's productivity is higher than Doug's.
d. Doug's production and productivity are higher than Adam's.
b
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Which of the following displays these two characteristics: rivalry and nonexcludability?
A) a common resource B) a private good C) a public good D) a quasi-public good
As other firms enter a monopoly's market, the monopoly's market power
A) is unaffected. B) declines. C) increases. D) increases according to the Lerner Index but decreases according to the price/marginal cost ratio.
Within the financial services industry, which of the following is an example of a financial institution?
A. Pension funds B. Thrifts C. Insurance companies D. All of these
If the Fed wants to reverse the effects of an adverse supply shock on unemployment, it should
a. increase the money supply growth rate which raises the inflation rate. b. increase the money supply growth rate which reduces the inflation rate. c. decrease the money supply growth rate which raises the inflation rate. d. decrease the money supply growth rate which reduces the inflation rate.