The labor input in the production function can increase
A) only if the number of workers increases.
B) only if the efficiency of the existing workers improves.
C) if the number of workers increases and/or the efficiency of the existing workers improves.
D) only if both the number of workers increases and the efficiency of the existing workers improves.
C
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Data on after-tax income and consumption spending for the Adam Smith family are given below:After-tax IncomeConsumption Spending9,00018,10014,00022,60019,00027,10024,00031,600Based on these data, the Adam Smith family has a marginal propensity to consume equal to:
A. 0.9. B. 0.6. C. 0.75. D. 0.8.
Barriers to trade
A) include government policies such as tariffs and quotas. B) have been falling with technological improvements in transportation and communication. C) have risen since World War II as many countries have imposed higher tariffs. D) Two of the above are true.
The American Federation of Labor was formed in 1886 as a dissident group from the
A) Knights of Labor. B) Knights of Pythias. C) Masonic Lodge. D) Knights of Columbus.
"Efficiency" refers to
a. producing output using the least amount of labor b. producing output using the least amount of capital c. producing as far inside the production possibilities frontier as possible d. producing only one out of many possible commodities e. getting the maximum possible output from available resources