The amount of output produced by an average worker in one hour is
A. the marginal product of labor.
B. labor productivity.
C. the marginal revenue product of labor.
D. a production quota.
Answer: B
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Assuming that firms maximize profits, how will the price and output policy of an unregulated monopolist compare with ideal market efficiency?
a. The output of the monopolist will be too large and the price too high. b. The output of the monopolist will be too large and the price too low. c. The output of the monopolist will be too small and the price too high. d. The output of the monopolist will be too small and the price too low.
If a three-fourths majority of both houses of the U.S. Congress was required for approval of a spending project, economic analysis indicates that
A) inefficient government spending programs would expand. B) the political power of special-interest groups would increase. C) federal spending would increase sharply from the current level. D) the power of special interests would be diminished and federal spending reduced.
Which question is an example of a macroeconomic question?
a. What is the level of industrial concentration in the automobile industry? b. What policies would be recommended for stimulating national economic growth? c. What economic incentives can be used to reduce the cost of health care? d. What are the supply and demand conditions expected to be for the major farm crops?
Outsourcing of services to foreign countries:
a. Cost the U.S. economy an estimated 5 million jobs by 2005. b. Mainly impacts workers in business services such as data entry and software development. c. Is a serious concern for workers in high-wage manufacturing industries. d. Will have a serious negative impact on all service sector jobs in the United States