The historical reallocation of labor from agriculture to manufacturing in the United States has:
A. had no effect on the average productivity of labor.
B. reduced the average productivity of labor.
C. increased the average productivity of labor.
D. been inflationary.
Answer: C
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The United States currently is
A) a debtor nation and has been since the end of World War II in 1945. B) a creditor nation and has been since the end of World War II in 1945. C) a debtor nation and has been since 1989. D) a creditor nation and has been one since 1989. E) neither a debtor nation nor a creditor nation.
Which of the following is not a phase of the business cycle?
a. peak. b. trough. c. compression. d. expansion.
Price floors and price ceilings
a. lead to the same prices and quantities that would be found in a competitive market b. lead to technical efficiency c. cause the demand curve to shift to the left d. usually result from government intervention e. cause the supply curve to shift to the right
When the government imposes a price ceiling on a good whose price is too high,
a. an excess supply is created b. supply will increase to meet the demand c. the price ceiling becomes the rationing mechanism d. quantity demanded of the good will fall e. a shortage will arise