Which of the following is correct?
A. Total output = labor productivity/worker-hours.
B. Labor productivity = worker-hours/total output.
C. Total output = worker-hours × labor productivity.
D. Worker-hours = labor productivity × total output.
C. Total output = worker-hours × labor productivity.
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If the demand for labor ________, real wages fall and the amount of labor employed ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
In the last two decades of the 20th century, developing countries as a whole have
a. grown more slowly than developed countries b. grown a bit more rapidly than developed countries c. grown much more rapidly than developed countries d. made very little progress e. none of the above
Is the following a positive or normative statement? The unemployment rate in Nevada is higher than the unemployment rate in New York
Returns to scale is a concept that operates
A) only in the short run. B) only in the long run. C) in both the long run and the short run. D) in either the long run or the short run but never both.