Productivity is the ratio of
A. total capital to the total number of workers.
B. total output to the total population.
C. total output to the total number of unemployed.
D. total output to the total number of worker hours.
Answer: D
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In a perfectly competitive industry
A. economic profits may exist in the short run but not in the long run. B. economic profits may persist in the long run if consumer demand is strong and stable. C. no economic profits can exist in either the short run or the long run. D. economic profits may exist in the long run but not in the short run.
Which of the following four-firm concentration ratios would be the best indicator of an oligopoly?
A) 0.25 percent B) 31 percent C) 78 percent D) 100 percent E) 11 percent
Mr. Rational has $27 that he plans to spend purchasing 5 units of good X (priced at $3 per unit) and 6 units of good Y (priced at $2 per unit). The marginal utility of the fifth unit of X is 30, and the marginal utility of the sixth unit of Y is 30 . If Mr. Rational is a utility maximizer, he should:
a. not buy anything. b. buy more of X and less of Y. c. buy less of X and more of Y. d. buy X and Y in the quantities indicated. e. buy less of X and even lesser than that of Y.
Say's law was the centerpiece of
A. Keynesian economics. B. communism. C. classical economics. D. rational expectations theory.