When a small amount of output is produced per unit of the input, the input is said to exhibit
A. low productivity.
B. high productivity.
C. marginal productivity.
D. derived productivity.
Answer: A
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Assume the firms in a perfectly competitive industry are initially in long-run equilibrium and the cost of labor increases. How will the market adjust over time?
A) Firms will enter the market, causing price to rise until losses are eliminated. B) Firms will enter the market, causing price to fall until positive profits are eliminated. C) Firms will exit the market, causing price to rise until losses are eliminated. D) Firms will exit the market, causing price to fall until positive profits are eliminated.
The income effect is the concept that changes in consumption of a good result from changes in government spending
a. True b. False Indicate whether the statement is true or false
In a two-country world (consisting of country X and country Y), an increase in Real GDP in country X will shift country Y's AD curve leftward
Indicate whether the statement is true or false
Because consumers who have insurance provided by their employers usually only pay a deductible for a visit to the doctor's office
A) employers have more incentive to allow employees time off for doctor visits. B) doctors have less incentive to control their costs. C) insurance companies have more incentive to approve medical procedures for their policy holders. D) consumers have less incentive to visit the doctor's office on a more frequent basis.