Labor-augmenting technology causes which of the following? (i) The marginal productivity of labor increases. (ii) The marginal productivity of labor decreases. (iii) Labor demand shifts to the right. (iv) Labor demand shifts to the left
a. (i) only
b. (ii) only
c. (i) and (iii) only
d. (ii) and (iv) only
c
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Output in the short run is determined by which of the following factors when an economy operates at full employment?
A) the labor force B) supply C) the price level D) demand
Answer the following statements true (T) or false (F)
1. Demand is a list of needs or wants, regardless of purchasing power. 2. There is a difference between demand and quantity demanded. 3. A typical demand schedule shows higher sales at lower prices. 4. The quantity of goods demanded is a function of price alone. 5. An increase in demand causes price to rise and quantity sold to fall.
The Profit & Loss Statement lists:
a. Assets and Expenses b. Assets and Liabilities c. Net Income and Owner's Equity d. Income and Expenses
A share of stock indicates that the company owes money to the person owning the share.
Answer the following statement true (T) or false (F)