According to a study by an economist at the Federal Reserve Bank of Minneapolis, during the middle 1980s, managers at iron mines in Canada and the United States increased output per hour worked by 100 percent through changes in work rules that increased workers' effort per hour worked and increased the efficiency of workers' effort. This increase in output per hour worked is due to______________________________
Fill in the blank(s) with the appropriate word(s).
Answer: better means of organizing and managing production
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Refer to the above figure. At Point B, the actual unemployment rate
A. tends to be higher than the natural unemployment rate. B. is negative. C. will decrease over time. D. tends to be lower than the natural unemployment rate.
Which of the following changes will shift AD1 to AD2?
A. A cut in personal and business taxes
B. An increase in the value of the dollar relative to other currencies
C. A shrinkage in the value of stocks and other financial assets
D. An increase in real interest rates
The idea of "diminishing returns" means that real GDP ________ as the quantity of labor increases
A) increases at a slower rate B) decreases at a slower rate C) increases at a faster rate D) decreases at a faster rate E) does not change
An increase in the opportunity cost of holding money creates a ________ the money demand curve and an increase in real GDP creates a ________ the money demand curve
A) leftward shift of; movement down along B) rightward shift of; movement down along C) movement up along; leftward shift of D) movement up along; rightward shift of