Output per labor-hour is used to measure the ________ of labor.
A. intelligence
B. seriousness
C. productivity
D. effort
Answer: C
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In addition to the items one must give up in order to afford the cost of cigarettes, the opportunity cost of smoking includes
a. your enjoyment from smoking b. the health effects one places upon others c. your expected health effects and shortened life span d. harassment from nonsmokers e. smoking cessation advertising on television
Consumer surplus is the difference between what the producer actually receives for a good and what the producer is willing to receive
a. True b. False Indicate whether the statement is true or false
Modern economics as a field of study is usually thought to have begun with which of the following
What will be an ideal response?
What is hyperinflation?
What will be an ideal response?