Related to the Economics in Practice on page 214: According to the Economics in Practice, firms where managers had more extensive training experienced
A. a decrease in the marginal product of labor.
B. increased productivity.
C. increasing wage rates.
D. a decrease in the marginal revenue product of labor.
Answer: B
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Suppose Billy owns a hair salon in Dallas. He has one large hair dryer for which he paid $1,000. If he can sell the dryer one year later for $800, his total economic depreciation equals
A) $1,000. B) $200. C) $800. D) $1,800. E) None of the above answers is correct.
What causes an economy to produce a level of output which lies inside the production set?
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.
The law of increasing opportunity costs states that:
A. Costs of production increase for one good, but costs decrease for the other good B. Increases in wages and other resource costs is what the increasing opportunity costs refer to C. Increases in the production of one good require larger and larger sacrifices of the other good D. Increases in the production of one good make the production of that good and easier