Refer to Scenario 10.1. How much output will Barbara produce?
A) 0
B) 22
C) 56
D) 72
E) none of the above
D
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Labor productivity is calculated as
A) (real GDP ÷ aggregate hours). B) (real GDP ÷ aggregate hours × number of workers). C) (real GDP ÷ number of workers × ratio of capital per worker). D) (real GDP ÷ technology level). E) (real GDP ÷ aggregate hours × number of workers) × 100.
All of the following were important structural changes in American capitalism during the period 1960–95 except
(a) New technology in the form of automated (machine-guided) production processes (b) A capital-labor accord which allowed workers to share in productivity gains through wage increases, particularly during the 1950s and 1960s (c) An increase in self-sufficiency as the nation reduced its economic interdependence with other nations (d) A large and central role for government in directing the post-war economy
If the APC is 1.3, the APS is
A. -0.3. B. 0. C. 0.3. D. 0.7.
Under a rule of reason approach, which of the following would be legal in the United States?
a. The merger of two small companies in an unconcentrated market. b. Price fixing between IBM and Compaq. c. The merger between Ford and General Motors. d. Kellogg's and General Mills collude to drive Quaker Oats out of the business. e. Exxon Oil and Mobil Oil elect the same person to their boards of directors.