Labor productivity is commonly measured as
A) the number of workers divided by real GDP.
B) the change in real GDP divided by change in number of workers.
C) nominal GDP divided by number of workers.
D) real GDP divided by number of workers.
D
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A profit-maximizing monopolist that produces in the short run will
a. produce the level of output where marginal revenue exceeds marginal cost by the largest amount b. increase output as long as the marginal revenue exceeds the marginal cost of producing that unit c. produce the level of output where average total cost is at a minimum d. increase price as long as the average revenue exceeds the average total cost e. produce the level of output where average revenue exceeds average total cost by the largest amount
Finite resources
a. must be renewable b. must be nonrenewable c. can be renewable or nonrenewable d. are only nature-made resources e. can be expanded in a short period of time
Arguments in favor of a laissez-faire policy concerning government's role in the economy include the
a. need for price controls b. possibility of creative destruction c. gains from trade d. contestable nature of markets e. lack of countervailing power among the economic blocs in the economy
The amount of goods and services that a person can produce in a given time is called
a. labor input b. labor intensive c. labor output d. labor productivity