Which of the following would certainly increase the demand for labor?
a. an increase in demand for the final product and an increase in the productivity of labor
b. an increase in demand for the final product and a decrease in the productivity of labor
c. a decrease in demand for the final product and an increase in the productivity of labor
d. a decrease in demand for the final product and a decrease in the productivity of labor
a
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A decrease in the price level causes a lower equilibrium quantity demanded.
Answer the following statement true (T) or false (F)
You are at an all-you-can-eat-buffet. You feel almost full. However they just brought out your favorite dessert and you can either choose to eat that or a helping of tapioca pudding. If you choose the cupcakes, the pudding would be your
a. Opportunity cost b. Variable cost c. Fixed cost d. Sunk cost
In the short run, a monopolistically competitive firm
a. must earn zero economic profit b. may earn positive or negative economic profits c. will produce output up at the point where TR = TC d. will be protected from competition by barriers to entry e. will equate price and marginal cost
Suppose the following situation exists for an economy: Kt+1/N = Kt/N. Given this information, we know with certainty that
A) the economy is operating at the golden rule equilibrium in period t. B) saving per worker is less than depreciation per worker in period t. C) saving per worker is greater than depreciation per worker in period t. D) investment per worker equals depreciation per worker in period t.