An increase in the amount of competition with other firms that employ "best practices" would be likely to cause a particular firm's labor productivity to:
A) increase
B) stay the same.
C) decrease.
D) cannot be determined without additional information.
A
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Consider the demand for labor in the computer chip industry. The demand for labor
A) is derived from the demand for computer chips. B) is shown by a perfectly elastic demand for labor. C) is shown by a perfectly inelastic demand for labor. D) has a demand curve that is backward bending.
Refer to Table 2-20. What is Thailand's opportunity cost of producing one wristwatch?
A) 0.05 pounds of rice B) 20 pounds of rice C) 25 pounds of rice D) 60 pounds of rice
Build-Right Concrete Products produces specialty cement used in construction of highways. Build-Right is a price-setting firm and estimates the demand for its cement by the State Highway Department using a demand function in the nonlinear form:Q = aPbMc
where Q = yards of cement demanded monthly, P = the price of Build-Right's cement per yard, M = state tax revenues per capita, and PR = the price of asphalt per yard. The manager at Build-Right transforms the nonlinear relation into a linear relation for estimation. The estimation results are presented below:
height="198" width="577" />Given the above, at the 1 percent level of significance, the number of degrees of freedom for a t-test is ________, and the critical value of the t-statistic is ________. Only parameter estimate(s) ________ is (are) NOT statistically significant at the 1 percent level of significance. A. 34; 2.042; c? B. 34; 2.042; a? and c? C. 30; 2.457; a? D. 30; 2.750; a?
A major theme in economics is:
a. People can increase resources by limiting their economic wants b. People have limited economic wants and limited resources c. People have unlimited economic wants, but limited resources d. Unlimited resources and unlimited economic wants