Waldo works eight hours and produces 7 units of goods per hour. Emerson works six hours and produces 10 units of goods per hour
a. Waldo's productivity and output are greater than Emerson's.
b. Waldo's productivity is greater than Emerson's but his output is less.
c. Emerson's productivity and output are greater than Waldo's.
d. Emerson's productivity is greater than Waldo's but his output is less.
c
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The GDP deflator measures
A) the quality of the goods and services in GDP. B) the quantity level. C) nominal GDP. D) real GDP. E) the price level.
The supply curve for a perfectly competitive firm is the portion of its marginal cost curve that lies above the average variable cost curve
Indicate whether the statement is true or false
The phenomenon of wages in many industries changing very little or not at all for a year or more after a change in output is referred by economists as
a. wage lag effect. b. wage stickiness. c. compensation inflexibility. d. inertia. e. reservation wage effect.
For liberals, the United States has a(n)
a. public sector that is too large. b. private sector that is too small. c. economy that is too heavily regulated. d. public sector that is too small.