Productivity refers to the value of what is produced per worker or per hour worked
a. True
b. False
Indicate whether the statement is true or false
True
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Three friends stay in an apartment. Their landlord offers to air-condition the apartment if they pay for the installation charges. Although they all want an air-conditioner, none of them say so. This is an example of the ________
A) free-rider problem B) paradox of thrift C) tragedy of commons D) paradox of plenty
In the above figure, at any price between $8 per unit to $12 per unit, how many units will a profit-maximizing perfectly competitive firm produce?
A) None, because the producer will never choose to operate at a loss. B) Less than 20 because this will reduce marginal cost. C) Between 20 and 30, because variable costs are covered so the firm's losses will be minimized by producing rather than shutting down. D) More than 30, because variable costs are covered so that the producer can earn economic profits.
In the last 20 years, all of the following measures of the manufacturing sector have declined except:
a. total employment in manufacturing. b. manufacturing employment as a share of the labor force. c. manufacturing output as a share of GNP. d. total manufacturing output.
The main process by which a recessionary gap is eliminated is a(n)
a. increase in wages that shifts the aggregate supply curve inward. b. drop in wages that shifts the aggregate demand curve inward. c. increase in wages that shifts the aggregate demand curve outward. d. drop in wages that shifts the aggregate supply curve outward.