Labor productivity increases when
A. output increases at the same rate as the labor force increases.
B. output increases faster than population increases.
C. the population increases.
D. output increases even if the labor force has decreased.
Answer: D
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Explain how our standard of living depends upon our level of real GDP per person, but there might not be a one-to-one relationship between the standard of living and real GDP per person. Give examples of things that can affect one, but not the other
What will be an ideal response?
The table above gives the demand schedule for peas. Which of the following statements CORRECTLY describes the price elasticity of demand?
A) The price elasticity of demand is larger at point A than at point B. B) The price elasticity of demand is larger at point D than at point A. C) The price elasticity of demand is constant because the slope is constant. D) The price elasticity of demand increases moving from point A to point B to point C to point D to point E.
We might predict that Hawaii has a comparative advantage compared to Russia in the production of pineapples because Hawaii has:
A. a climate more suitable for pineapples. B. more land available to grow them on. C. more advanced farming technology. D. less governmental oversight in the pineapple industry.
Which of the following factors is not a barrier limiting the entry of potential competitors into a market?
A. legally enforced patent rights B. an inelastic demand for a product C. economies of scale D. ownership of a vital resource