Average labor productivity equals:
A. average production per year.
B. total output.
C. output per employed worker.
D. output per person.
Answer: C
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Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the quantity of apartments demanded at the new price?
A) 0 B) Q0 C) Q1 D) Q*
In barometric price leadership, one firm announces a change in price
a. and the other firms follow b. but the other firms refuse to follow c. that it hopes will be accepted by others d. which is merely a test of the market e. none of the above.
Countries with high labor costs tend to:
a. rely on only one method for the production of goods
b. use more labor rather than capital in the production process.
c. use more capital rather than labor in the production process.
d. be relatively poor countries.
Using Figure 1.5, if an economy has the capacity to produce represented by PP2, then point E represents
A. An efficient use of resources. B. A constant trade-off between potato chips and doughnuts. C. A combination of potato chips and doughnuts that is not attainable. D. None of the choices are correct.