Suppose that output in an economy is 1,000 units and the number of hours worked in the economy is 40. What is the value of labor productivity?
A. 1,000 units per worker hour.
B. 25 units per worker hour
C. 0.04 units per worker hour.
D. 125 units per worker hour.
Answer: B
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Price levels rarely remain the same. This implies that
a. money is an excellent medium of exchange. b. money is divisible. c. money is a good medium for measuring value. d. money is an imperfect medium for storing value.
A firm that develops a new technology is the beneficiary of a ________ scarcity, while a firm that controls a patent is the beneficiary of a _________ scarcity.
Fill in the blank(s) with the appropriate word(s).
Answer the following statements true (T) or false (F)
1. Being a "jack-of-all-trades" implies reducing the reliance on the division of labor. 2. Even with the use of money, exchange and trade cannot occur if there is no coincidence of wants. 3. One of the most important economic resources is money. 4. Maximum profits are what motivate consumers to decide who will get the goods and services in a market system.
One of the primary achievements of the Uruguay Round of GATT negotiations was the:
A. Elimination of import quotas B. Creation of a worldwide free trade zone C. Establishment of the World Trade Organization (WTO) D. Establishment of equal, nondiscriminatory treatment for all members