Labor productivity refers to:
A. the number of hours it takes a worker to produce one unit of output.
B. the number of units of output a worker can produce in one hour.
C. the money value of a good that all workers in a firm produce in one day.
D. the total numbers of hours it takes all the workers in a firm to produce a given money value of a good in one day.
Answer: B
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Refer to Figure 24-1. Ceteris paribus, a decrease in the value of the domestic currency relative to foreign currencies would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
What is the difference between Nominal GDP and Real GDP?
a. Real GDP only measures the production of real goods and excludes services of any kind. b. Real GDP is a figure adjusted for exchange rate differences among countries. c. Real GDP is a figure adjusted for inflation. d. There is no difference at all. Real GDP is a synonym for Nominal GDP. e. Real GDP measures goods and services produced within a nation's borders, and nominal GDP measures goods and services produced by domestic resources anywhere in the world
Which of the following statements best reflects the production decision of a profit-maximizing firm in a competitive market when price falls below the minimum of average variable cost?
a. The firm will continue to produce to attempt to pay fixed costs. b. The firm will immediately stop production to minimize its losses. c. The firm will stop production as soon as it is able to pay its sunk costs. d. The firm will continue to produce in the short run but will likely exit the market in the long run.
Does a subsidy to sellers affect the supply curve?
A. Yes, it shifts supply to the right by the amount of the subsidy. B. No, the quantity supplied will decrease, but the supply curve does not move. C. Yes, it shifts supply vertically downward by the amount of the subsidy. D. No, the quantity supplied will increase, but the supply curve does not move.