Our measurement of output per worker is called:
A. productivity.
B. production growth rate.
C. nominal output.
D. None of these is true.
A. productivity.
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Which of the following is not a necessary condition for price discrimination? a. The firm must be a price maker
b. The firm must be able to distinguish between customers. c. The firm must be able to prevent resale of a product between customers. d. The firm must be able to produce homogeneous products. e. The firm must have a downward-sloping demand curve.
New York City increased regulated taxi fares by 17.5 percent and expected taxi revenue to increase by the same amount. The taxi commission believed taxi demand was
a. unit elastic. b. somewhat elastic. c. perfectly elastic. d. perfectly inelastic. e. somewhat inelastic
The duration of unemployment ________ during a recession.
A. decreases B. remains constant C. varies between 5 and 14 weeks D. increases
In the Keynesian model, if aggregate expenditures exceed aggregate output and inventories of firms fall, then the aggregate output and the business sector could be expected to:
A. increase output. B. decrease output. C. decrease investment. D. hire fewer workers.