An increase in worker productivity
A. reduces the demand for labor.
B. reduces the supply of labor.
C. increases the supply of labor.
D. increases the demand for labor.
Answer: D
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In Econland total output is $8 billion, population equals 500,000 people, and, of these, 400,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $20,000; $20,000 B. $16,000; $20,000 C. $20,000; $16,000 D. $16,000; $16,000
What does it mean when the Federal Reserve is referred to as a lender of last resort?
What will be an ideal response?
The Congressional Budget Office estimates that the Patient Protection and Affordable Care Act (ACA) will
A) increase federal government spending by about $2 trillion over 10 years. B) cost the government significantly more than the additional taxes and fees enacted under the law will bring in. C) actually reduce government spending over a 20 year period. D) eliminate the budget deficit within 10 years.
Why is the relationship between marginal product and marginal cost an inverse one?
What will be an ideal response?