If Q is total real output, K is capital in use, L is labor employed, an increase in the productivity of labor would imply a(n):
a. increase in K/L
b. increase in L/K.
c. increase in Q/L.
d. decrease in Q/K.
e. decrease in (Q + K)/L.
c
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A competitive firm will shut down its operations in the short run when the market price falls below its
a. marginal revenue. b. marginal cost. c. average cost. d. average variable cost.
In the economic way of thinking, a productive service is
A) a meritorious service. B) something of clear value to anybody in society. C) an activity that enables people to obtain something for which they are willing to pay. D) all of the above. E) none of the above.
According to your textbook, which of the following best explains the fact that income inequality has increased in the U.S. since 1980?
A) The weakening of the labor union movement B) A reduction in economic growth C) A growing distrust of the efficacy of federal government spending programs combined with a rising concern over federal budget deficits D) A rise in the number of single-parent families at low income levels and a rise in two-parent two-earner families at higher income levels
Which is the best example of a nondiversifiable risk for Stalwart Shoes?
A) A project to open a new store in Texas B) A project to open a new factory in Texas C) A project to move into the sock market D) The state of the economy in Texas E) The state of the U.S. economy