Labor productivity measures output per hour of work
a. True
b. False
Indicate whether the statement is true or false
True
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The negative slope of the labor demand curve can be attributed to:
A) Moore's Law. B) the Law of Accelerating Returns. C) the Law of Diminishing Marginal Utility. D) the Law of Diminishing Marginal Returns.
Net domestic product:
A. is a worse measure of output than gross domestic product because it is distorted by depreciation. B. increases as depreciation increases. C. is a better measure of output than gross domestic product because it controls for depreciation. D. cannot be computed since economists have no measure of depreciation.
Refer to the above figure. If the economy is currently at point C, then an increase in taxes will lead to
A. a decrease in real GDP and a decrease in the price level. B. a decrease in real GDP and an increase in the price level. C. a decrease in the price level and an increase in real GDP. D. an increase in the price level and an increase in real GDP.
If the short-run average variable costs of production for a firm are rising, then this indicates that:
A. Average total costs are at a maximum B. Average fixed costs are constant C. Marginal costs are above average variable costs D. Average variable costs are below average fixed costs