The productivity of any input is independent and is not affected by the other resources that are used.
Answer the following statement true (T) or false (F)
False
The productivity of any factor of production depends on the amount of other resources available to it. For example, a snow removal worker will be more productive with a show shovel than without one.
You might also like to view...
If a nation devotes a larger share of its current production to consumption goods, then
A) it must produce at a point within its PPF. B) its economic growth will slow down. C) some productive factors will become unemployed. D) its PPF will shift inward. E) its PPF will shift outward.
The government proposes a tax on flowers in order to boost its revenue. If the elasticity of demand is 1.3 and the elasticity of supply is 0.7: a. Consumers will bear the majority of the burden of the tax
b. Producers will bear the majority of the burden of the tax. c. Consumers and producers will bear equal shares of the burden of the tax. d. It does not tell us enough to reveal whether consumers or producers will bear most of the burden of the tax.
When the cutthroat oligopolist raises their prices, their competitors will ___________.
Fill in the blank(s) with the appropriate word(s).
What is the impact on the foreign exchange market?
a. A rightward supply shift changes the equilibrium price of a euro from E1 to E2. b. A leftward supply shift changes the equilibrium price of a euro from E1 to E2. c. A rightward supply shift changes the equilibrium price of a euro from E2 to E1. d. A leftward supply shift changes the equilibrium price of a euro from E2 to E1.