A student receives a bachelor's degree in economics and then achieves gainful employment as an economic analyst with a Fortune 500 company. This new worker is likely to enhance the economy's productivity through:
A) scarcity.
B) free goods.
C) stable prices.
D) specialization of labor.
Ans: D) specialization of labor.
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To increase its profit, a perfectly competitive firm will produce more output when
A) price is greater than average fixed cost. B) price is greater than marginal cost. C) marginal cost is less than average total cost. D) average variable cost is greater than average fixed cost. E) price is greater than average variable cost.
The Soviet Union's economic growth rate slowed despite rapid increases in capital per hour worked
Indicate whether the statement is true or false
Suppose Happy Cows has a marginal cost equal to 0.5Q and Free Cows has a marginal cost equal to 2Q.
A) All else equal, neither Free Cows nor Happy Cows can benefit from an accurate forecast. B) All else equal, an accurate forecast is more valuable to Free Cows than Happy Cows. C) All else equal, an accurate forecast has the same value to both Free Cows and Happy Cows. D) All else equal, an accurate forecast is more valuable to Happy Cows than Free Cows.
What is Bill's economic profit at the profit-maximizing output level?
a. $115 b. $225 c. $25 d. $75