A major contributor to the slowdown in U.S. labor productivity during the 1973–1995 period was
A. capital spending.
B. technological change.
C. labor force growth.
D. investment spending.
Answer: B
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If workers and firms know that the Federal Reserve is following an expansionary monetary policy, workers and firms will expect inflation to ________ and will adjust wages so that the real wage ________
A) decrease; decreases B) increase; remains unchanged C) increase; increases D) increase; decreases
During the life of a drug patent, the monopoly pharmaceutical firm maximizes profit by producing the quantity at which marginal revenue equals marginal cost
a. True b. False Indicate whether the statement is true or false
Economic profits and losses:
A. are both considered by economists to be a part of production costs. B. are essential to the reallocation of resources from less desired to more desired goods. C. have no influence on the composition of domestic output. D. equalize the distribution of income in the long run.
The textbook provides examples of markets that are
A. local, national, and global. B. national and global. C. individual, local, national, and universal. D. local and global.