Because of technological change, oil companies like Chevron were able to produce almost twice as much output from refineries in 2016 as in 1950 while using 60 percent fewer workers. This represents ________ in output per worker, which is also known as
________.
A) an increase; labor productivity
B) a decrease; structural unemployment
C) an increase; crowding out
D) a decrease; capital growth
Answer: A
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Julie is the chief executive officer (CEO) of the Black Gold Corporation and is also on the company's board of directors. Julie is considered ________ of the corporation
A) an outside director B) a stockholder C) an owner D) an inside director
The level of an economic activity should be increased to the point where the ____
a. Marginal cost=0 b. Marginal revenue=0 c. Total revenue = Total cost d. Marginal revenue – marginal cost=0
If producers cannot afford the fees for pollution rights,
a. they will pollute b. they will buy pollution rights c. they will sell pollution rights d. they will have to find a cheaper way to deal with their pollution e. they will not be able to use their pollution rights
The above figure illustrates
A) a recessionary gap. B) a full-employment equilibrium. C) an inflationary gap. D) an equilibrium at the economy's physical limits.