An explanation for the productivity slowdown from 1974 through 1995 is
A) measurement problems. B) an increase in labor quality.
C) creative destruction. D) a decline in oil prices.
A
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When there is a cut in payroll taxes, there is a(n) ________ in the tax wedge that lowers the cost of labor. This tax cut will ________ the quantity of labor demanded and ________ the quantity of labor employed
A) increase; increase; increase B) decrease; increase; decrease C) decrease; increase; increase D) decrease; decrease; increase E) increase; decrease; decrease
If all consumers are price-takers facing the same prices, then their budget lines will all have the same slope.
Answer the following statement true (T) or false (F)
Refer to above figure. If manufacturing labor were to increase to OmL2, how much value would the economy as a whole gain?
What will be an ideal response?
When competition is present and private ownership rights are clearly defined and securely enforced by the legal system, business firms will have a strong incentive to
a. innovate and develop better products and lower cost production methods. b. spend time attempting to plunder (take) the resources of others. c. engage in wasteful activities that increase the cost of producing goods and services. d. use resources during the current period rather than conserving them for the future.