In general, as the amount of labor input increases, the amount of output
a. increases.
b. decreases.
c. remains constant.
d. increases only if the capital stock also increases.
a
You might also like to view...
The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $6 per hour, how many hours of students' labor are unemployed?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours
Suppose the market clearing price for gasoline is $3.75 per gallon. Now suppose that policy makers pass a law requiring that the maximum price that can be charged is $2.75 per gallon. Such a situation is an example of
A) a price control that will lead to a surplus of gasoline on the market. B) a price floor that will lead to a shortage of gasoline on the market. C) a price ceiling that will lead to a shortage of gasoline on the market. D) a price floor that will lead to a surplus of gasoline on the market.
To economists, good environmental policy begins by acknowledging one of the Ten Principles of Economics:
a. Trade can make everyone better off. b. People face trade-offs. c. Markets are usually a good way to organize economic activity. d. A country's standard of living depends on its ability to produce goods and services.
If income is rising faster in Japan than in the United States, there will be an increase in the demand for the yen and a decrease in the demand for the dollar.
Answer the following statement true (T) or false (F)