Labor productivity increases when
A) the average number of hours people work goes up.
B) the unemployment rate decreases.
C) the average output produced per worker during a specified time period increases.
D) the average output produced per worker during a specified time period decreases.
C
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If a producer can sell each and every unit he can possibly produce for $10 each, then
A) he is a price taker. B) the demand for his product is infinitely elastic. C) his marginal revenue curve is a horizontal line at $10. D) all of the above are true.
What gives a person a comparative advantage?
What will be an ideal response?
A positive economic statement:
a. contains personal and social value judgments. b. is always a mathematical expression. c. should never be used by an economist. d. is proper provided the advocator is clear the position rests on personal assessment. e. is an unbiased report of the facts of the economy.
Refer to Table 8.1. Assume the wage rate is $10 and the firm has $1,000 in unavoidable fixed cost. What is the variable cost of producing 45 units of output?
A. $30
B. $10
C. $450
D. $22.22