Which of the following correctly ranks the amounts from smallest to largest?
A. Total output, average labor productivity, output per person
B. Output per person, average labor productivity, total output
C. Output per person, total output, average labor productivity
D. Total output, output per person, average labor productivity
Answer: B
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Holding other factors constant, if food prices decline relative to the prices of other products, then the real wages of agricultural workers will ________ and employment of agricultural workers will ________.
A. increase; increase B. decrease; not change C. increase; decrease D. decrease; decrease
If the price level doubles, the value of money
A) doubles. B) more than doubles, due to scale economies. C) rises but does not double, due to diminishing returns. D) falls by 50 percent.
Which of the following will not increase the rate of growth in an economy?
a. a reduction in the rate of savings b. an increase in the productivity of labor c. technological progress d. higher rates of investment
A market situation in which there are a few firms that recognize their mutual interdependence is
A. monopoly. B. oligopoly. C. regulated monopoly. D. monopolistic competition.