Labor productivity is measured by _____ per _____.
Fill in the blank(s) with the appropriate word(s).
output; hour
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Sovereign debt crisis, a short-run phenomenon, may lead to the long-run consequence of debt ________
A) intolerance B) distortion C) seignorage D) repudiation
In a sense, a cartel is self-destructive because
A) it reduces consumer surplus. B) it sets price above marginal cost. C) each cartel member has the incentive to cheat on the cartel. D) each cartel member earns economic profit.
For national security reasons a government decides that all of its base metal industry should not be located in the same geographical region, as it presently is
The government decides to allocate production quotas to firms in different parts of the country, but does not restrict in any way the transactions between consumers and base metal producers. This scheme is A) efficient as consumers still buy from whoever they like. B) efficient as those consumers who value base metals the most can purchase them. C) likely to be inefficient as some of the industry's output is not produced by the firms with the lowest cost. D) likely to be inefficient as the scheme will require subsidies to work. E) efficient as learning by doing effects will be strongest in the firms set up in new geographical regions.
The economizing problem is:
A. the need to make choices because economic wants exceed economic means. B. how to distribute resources equally among all members of society. C. that people's means often exceed their wants. D. that people do not know how to rationally allocate resources.