If average labor productivity decreases while population and the number of employed workers remain constant, then output per person:
A. may increase or decrease.
B. increases.
C. decreases.
D. remains constant.
Answer: C
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If nominal GDP is $10 trillion, and the money supply is $2 trillion, velocity is
A) 0.2. B) 5. C) 10. D) 20.
The idea that business cycles are nothing more than variations in the rate of growth of a full-employment economy is proposed by
a. Keynesian theorists b. Kuznets cycle theorists c. innovation cycle theorists d. real business cycle theorists e. internal cycle theorists
Tour companies and cruise lines often offer last minute fares that are far below the prices paid by customers who have booked their trips far in advance. Use marginal analysis to explain this pricing tactic
When a firm experiences continually declining average total costs, the firm is a
a. government-created monopoly. b. price taker. c. natural monopoly. d. revenue maximizer.