The annual growth of U.S. labor productivity:
A. was greater between 1973 and 1995 than between 1995 and 2012.
B. was greater between 1995 and 2012 than between 1973 and 1995.
C. was negative in the late 1990s.
D. averaged nearly 5 percent in the 1990s.
B. was greater between 1995 and 2012 than between 1973 and 1995.
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Round Things, Inc.'s production process exhibits economies of scale. Currently its long-run average total cost is $1/unit. If Round Things doubles its use of all inputs, its new long-run average total cost will be
A. $1/unit. B. greater than $1/unit but less than $2/unit. C. greater than $2/unit. D. less than $1/unit.
A positive externality is created if:
A. an action harms someone not involved in the market transaction. B. an action benefits someone not involved in the market transaction. C. neither helps nor hurts someone not involved in the market transaction. D. an action harms or benefits someone not involved in the market transaction.
An increase in demand for a product and a reduction in the costs of production would: a. increase the equilibrium quantity and increase the equilibrium price
b. increase the equilibrium quantity and decrease the equilibrium price. c. increase the equilibrium quantity and cause an indeterminate change in the equilibrium price. d. decrease the equilibrium quantity and cause an indeterminate change in the equilibrium price.
Refer to Table 2-2. Assume Nadia's Neckware only produces ascots and bowties. A combination of 16 ascots and 6 bowties would appear
A) along Nadia's production possibilities frontier. B) inside Nadia's production possibilities frontier. C) outside Nadia's production possibilities frontier. D) at the horizontal intercept of Nadia's production possibilities frontier.