When comparing the standard of living in two countries it is important to adjust total output for differences in:
A. political systems.
B. geographic area.
C. population.
D. employment levels.
Answer: C
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Jill runs a factory that makes lie detectors in Little Rock, Arkansas. This month, Jill's 34 workers produced 680 machines. Jill's average product of labor equaled ________ lie detectors per worker
A) 680 B) 34 C) 23 D) 20 E) None of the above answers is correct.
Which one of the following statements about growth theories is CORRECT?
A) In the new growth theory, knowledge is not subject to diminishing returns. B) In neoclassical growth theory, technological progress is the result of rapid increases in saving and investment in capital per person. C) In classical growth theory, real GDP per person is unrelated to the subsistence real GDP. D) In classical growth theory physical resources are unlimited.
If Q represents a firm's level of output, W represents the wage paid to labor (L) and R is the cost of capital (K), then which of the following represents the firm's cost function?
B. C(Q) = FC(Q) + VC(Q) C. C(Q) = WL + RK D. C(Q) = (W + R)Q
Paying into a pension fund while you are earning wages and salaries is equivalent to
a. borrowing money. b. lending money. c. withdrawing from a savings account. d. paying off debt.