Productivity measures:
a. how efficiently resources are turned into goods and services
b. how efficiently goods and services are consumed by the consumers.
c. the level of skills embodied in a unit of labor.
d. the ratio of inputs to a specific amount of output.
e. the availability of resources in an economy.
a
You might also like to view...
In the figure above, the decrease in the interest rate from i1 to i2 can be explained by
A) a decrease in money growth. B) a decline in the expected price level. C) an increase in income. D) an increase in the expected price level.
Suppose an economist advises the government to disallow a proposed merger between Wendy's and McDonald's because she thinks the fast-food industry ought to be as competitive as possible. This advice is an example of
a. positive economics b. normative economics c. market discrimination d. econometric analysis e. macroeconomic analysis
When economists say that banks must hold a percentage of their total deposits in reserve form, what does this mean?
A) It means that banks must hold a fraction of their customers' deposits either as bank deposits at the Federal Reserve, or as vault cash, or both. B) It means that banks reserve the right to turn away customers a certain percentage of the time. C) It means that the fraction of vault cash a bank has cannot be greater than the fraction of bank deposits (it has) at the Federal Reserve. D) Essentially, it means that total reserves are greater than required reserves. E) none of the above
Refer to Scenario 7.4 below to answer the question(s) that follow.SCENARIO 7.4: You own and are the only employee of a company that sells custom embroidered pet sweaters. Last year your total revenue was $120,000. Your costs for equipment, rent, and supplies were $30,000. To start this business you invested an amount of your own capital that could pay you a $50,000 a year return.Refer to Scenario 7.4. Your economic profit last year was
A. -$20,000. B. $40,000. C. $70,000. D. $90,000.