If real GDP is $800 million and aggregate labor hours are 20 million, labor productivity is ________
A) $40 per hour
B) $16,000 million
C) $40 million
D) $160 per hour
A
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A monopolistic competitor faces a horizontal demand curve.
Answer the following statement true (T) or false (F)
The law of diminishing returns refers to diminishing
A) total returns. B) marginal returns. C) average returns. D) all of these.
Marginal net benefits in the table:Control variableTotal BenefitsTotal CostsNet BenefitsMarginal BenefitMarginal CostMarginal Net BenefitQB(Q)C(Q)N(Q)MB(Q)MC(Q)MNB(Q)0000---190010080090010080021,700300C80020060032,4006001,800700E4004A1,0002,00060040020053,5001,5002,000500500F63,9002,1001,800D600-20074,2002,8001,400300700-40084,400B800200800-60094,5004,5000100900-800104,5005,500-1,00001,000-1,000
A. initially increase, reach a maximum, and then decrease. B. decrease at a constant rate. C. remain relatively stable over different values for the control variable. D. initially decrease, reach a minimum, and then increase.
Broadly defined, technological advance:
A. can occur in the short run, long run, or very long run. B. comprises new and improved goods and services and/or new and improved ways of producing or distributing them. C. includes invention but not innovation or diffusion. D. includes product innovation but not process innovation.