Which of the following statements best describes one of the schools of thought regarding the “new economy” controversy?
a. Increased military spending post-9/11 has contributed to the growth in U.S. productivity.
b. Extraordinary advances in communications and information technology have contributed to the growth in U.S. productivity.
c. The increase in immigration has contributed to the growth in U.S. productivity.
d. The aging U.S. population has contributed to the growth in U.S. productivity.
b. Extraordinary advances in communications and information technology have contributed to the growth in U.S. productivity.
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In Alan Lakein's book How to Get Control of Your Time and Your Life, he divides time use into different levels called ABC, the C level stands for:
a. The most important activities b. Medium value activities c. Low-value activities d. None of the above are correct
What is the difference between the short run and the long run as economists define the two?
The value added for a nation equals
A. all goods and services less the intermediate goods used in production.
B. the market value of all products and services less the market value of all intermediate goods.
C. input costs plus the value of intermediate goods.
D. the market value of intermediate goods less the value of all goods and services.
Assume fixed costs are 470 and labor costs $20 per unit. The first laborer produces 20 units of output. Subsequent hires add 5 units less to production than the previous worker. Thus the second worker adds 15, the third adds 10 etc. If the fifth laborer adds 25 units to the short run production output and the sixth laborer adds 20 units to the total output and the firm can hire all the labor it wants at the going wage we can be sure that
A. average variable cost is increasing. B. marginal cost is increasing. C. average total cost is increasing. D. None of these is correct because all the costs listed are decreasing.