Labor productivity is defined as
A) the amount of workers per unit of input. B) the amount of input per worker.
C) the increase in output per unit of machinery. D) the amount of output per worker.
D
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The figure above shows a firm in monopolistic competition. If all firms in the industry have the demand and cost curves illustrated in the figure, then in the long run
A) some firms will have exited the industry. B) some firms will have entered the industry. C) firms will have neither entered nor exited the industry. D) we cannot tell if firms will either have entered or exited the industry.
A decrease in supply will cause a surplus at the original market price
a. True b. False Indicate whether the statement is true or false
Of the 500,000 people (age 16+) in a particular country, 300,000 people are in the labor force. Of these, 240,000 are employed and 60,000 are unemployed. Of the 200,000 workers not in the labor force, 20,000 want jobs but have given up looking for one. What is the unemployment rate if discouraged workers (i.e., the hidden unemployed) are counted as being unemployed?
A. 48% B. 25% C. 10% D. 60% E. 20%
For this question, assume that expectations of P and A are correct. Based on price setting behavior, the real wage will be equal to which of the following?
A) A/(1 + m) B) AP/(1 + m) C) APF(u,z) D) P(1 + m) E) none of the above