Which of the following are sources of increased productivity?
A. Improved labor skills achieved by on the job training
B. Increases in the amount of capital per worker
C. Technological advances
D. All of the above are sources of increased productivity.
D. All of the above are sources of increased productivity.
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A single-price monopoly will set its price according to which of the following rules?
A) P = MR and MR = MC B) P = MC where the MC curve crosses the demand curve C) P = MR where the MR curve crosses the demand curve D) None of the above answers is correct.
Transaction costs increase the economic value of an exchange
Indicate whether the statement is true or false
Gross domestic product equals the sum of
a. all income earned by domestic producers of goods and services minus indirect business taxes and depreciation during the year. b. the purchases of final goods and services produced domestically during a year. c. the amount received by firms for consumer goods and services. d. incomes received by households minus the sale of factor services supplied domestically.
Which of the following industries would be considered to have a labor intensive production process?
A. Building a road. B. Driving a truck. C. Printing a novel D. Farming in a poor country