Between 1973 and 1995, productivity in the United States had
A. been rising at a faster rate than it was before 1973.
B. been rising at a slower rate than it was before 1973.
C. been rising at about the same rate as it was before 1973.
D. not risen.
B. been rising at a slower rate than it was before 1973.
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Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubled her workers to 2, and grew 4,500 pounds of herbs
She sells her rare, organic herbs for $50 a pound. She pays her workers $25,000 a year and rents her land for $100 per square foot for a year. These are her only costs. a) What was Ayanna's total cost last year and this year? b) What was Ayanna's average total cost last year and this year? c) Did Ayanna experience economies or diseconomies of scale?
The firm shown in the figure above is
A) a natural monopoly because its LRAC curve slopes downward where it intersects the demand curve. B) not a natural monopoly because its LRAC curve slopes downward where it intersects the demand curve. C) not a natural monopoly because its MC curve is horizontal. D) not a natural monopoly because its MC curve is below its LRAC curve.
At the outset of the Civil War, _______________ had a significant advantage in arms production; however, ____________ was able to increase production more rapidly
a. the South; the North b. the North; the South c. neither the North nor the South; the North d. the North; the North also
Producers supply larger quantities of any good at higher prices because:
a. prices signal product quality.
b. higher prices attract resources from other uses.
c. people are naturally lazy and refuse to give up their leisure.
d. price and quantity supplied are inversely related.
e. of the law of decreasing opportunity cost.