Which of the following would not be expected to increase labor productivity?
A. Technological advance.
B. The acquisition of more education and training by the labor force.
C. An increase in the size of the labor force.
D. The realization of economies of scale.
C. An increase in the size of the labor force.
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A diagram that shows the maximum amount of one type of good that can be produced in an economy, given the production of the other is known as
A) an indifference curve. B) the tradeoff schedule. C) the production possibility frontier. D) the balance of trade.
The current price floor in the agricultural lettuce market makes it such that the price of lettuce is 25% higher than the equilibrium price and that 100 heads of lettuce are demanded
Assuming that the elasticity of demand for lettuce is -0.50, how much would revenue (P ? Q) change for the lettuce company if the government removed the current price floor? A) Revenue will increase by $15.60. B) Revenue will decrease by $15.60. C) Revenue will increase by $40.60. D) Revenue will increase by $ 9.40.
Resource price differentials that trigger the reallocation of resources so as to equalize payments for similar resources are known as
a. permanent differentials b. trigger price differentials c. reallocation differentials d. equal differentials e. temporary differentials
If you are following a tit-for-tat strategy in a repeated game, and your opponent makes a cooperative move, you will:
A. collude. B. price compete. C. defect. D. make a cooperative move in the next round.