A water bottle manufacturing plant uses a three-step procedure to produce each unit of bottle. The first step is casting, which needs 35 workers to operate the furnace. The second step is quenching, which needs 35 workers. At the third step, bottles are prepared for dispatch in the assembly line with the help of 70 workers. If the factory produces 14,000 bottles per day, then the productivity of
labor in the factory is equal to _____.
a. 200 bottles per worker
b. 400 bottles per worker
c. 100 bottles per worker
d. 140 bottles per worker
e. 220 bottles per worker
c
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If a 1 percent decrease in the price of a pound of oranges results in a smaller percentage decrease in the quantity supplied
A) demand is elastic. B) demand is inelastic. C) supply is elastic. D) supply is inelastic.
When the price level is rising at ______ and the real interest rate is 1 per-cent a year, the nominal interest rate is 3 percent a year
A. 4 percent a year B. 3 percent a year C. 2 percent a year D. 1 percent a year
If a firm experiences positive technological change, it is able to produce more output using the same inputs
Indicate whether the statement is true or false
Given the accelerationist Phillips curve ?? = - 0.3 (U - 6 ) + ?, suppose that inflation in the preceding period was 3 percent, unemployment is 6 percent, and there is a price shock of 2 percent. The current inflation rate is ________
A) 3 percent B) 0.2 percent C) 5 percent D) 1 percent E) none of the above