During recessions employment typically
a. falls substantially. As the recession ends, employment rises rapidly.
b. rises substantially. As the recession ends, employment declines gradually.
c. falls substantially. As the recession ends, employment rises gradually.
d. rises substantially. As the recession ends, employment declines rapidly.
c
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MFP growth represented by a will be lower than the growth of labor productivity if
A) k > n. B) k < n. C) k = n. D) None of the above. The relative size of k and n do not affect MFP growth.
Marginal revenue product is defined as the extra:
a. output a firm would receive after hiring one more unit of resource. b. cost of hiring one more unit of resource c. revenue earned by selling one more unit of product. d. revenue earned by hiring one more unit of resource e. output received by spending one more dollar on resources
How can international trade affect the exercise of domestic economic power in the United States?
What will be an ideal response?
Economics can decide
a. the appropriate trade-off between fairness and efficiency. b. which pricing arrangements are fair and which are unfair. c. whether a pricing decision will impose heavy inefficiency costs on society. d. All of the above are correct.