The link between the productivity of labor and the standard of living is
A) tenuous and changing.
B) inverse.
C) that over the long run, consumers as a whole can increase their rate of consumption only by increasing labor productivity.
D) that over the long run, consumers' rate of consumption is not related to labor productivity.
E) that the productivity of labor grows much more erratically than the standard of living.
C
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Refer to Scenario 14.1. Marco and Lisette decide to help each other out and agree to split any medical bills from their doctor
With this new arrangement, Marco's dominant strategy is to schedule ________, and Lisette's dominant strategy is to schedule ________, A) 1 visit; 1 visit B) 1 visit; 2 visits C) 2 visits; 1 visit D) 2 visits; 2 visits
If supply is perfectly inelastic, a sales tax imposed on sellers is paid by
A) only the buyers. B) only the sellers. C) both the buyers and sellers. D) None of the above answers is correct.
Jeff owns a garage and has 3 mechanics to help him. With the tools used being fixed in the short run, his production function is given by 5 + 2L = Y , where L is the number of mechanics and Y is the number of cars they can fix. If Jeff hires a fourth mechanic, what will be the marginal product of the new mechanic hired?
a. 11 b. 13 c. 2 d. 7
An inverted structure in futures commodity prices (prices falling over time) from the December to May contract
A. potentially rewards storing the commodity for selling later. B. means potentially higher expected profits from postponing selling to May. C. usually means higher expected profits from selling farm output in December rather than in May. D. Both A and B.