The average product of labor depends on how many units of:
A. labor and capital are used.
B. capital are used.
C. labor are used.
D. None of the statements is correct.
Answer: A
You might also like to view...
Which of the following is a valid reason to consider government regulation?
A. Seeking some social objective that markets do not achieve. B. Fear that capitalism will prove too productive. C. Desire on the part of government to be useful. D. Requests for protection for an industry. E. All of the responses are correct.
What are the three properties of economic fluctuations?
What will be an ideal response?
If fractional reserve banking exists, then:
A. banks need only keep a portion of each deposit on hand. B. the money multiplier is equal to 1. C. money cannot be created in the economy through banks. D. lending would be curtailed to nearly zero.
The growth rate of potential GDP is the sum of two other growth rates. These other growth rates are
a. population and resource base. b. goods output and services output. c. labor input and labor hours worked. d. labor input and labor productivity.