According to economists, productivity can be increased by
a. improving the education of workers
b. restricting trade with the foreign countries
c. raising minimum wages
d. raising union wages
Ans: a. improving the education of workers
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Economies cannot function without money
Indicate whether the statement is true or false
As more output is produced, the marginal product of labor declines
A) because of the law of diminishing returns. B) because the firm's marginal revenue declines. C) if the firm's output supply curve is inelastic. D) if firms reduce the wage paid to labor.
Serafina was earning $75 per hour and working 50 hours per week. Serafina's wage rose to $90 per hour, and as a result, she now works 60 hours per week
What can you conclude from this information about the income effect and the substitution effect of a wage change for Serafina?
Consider the production possibilities frontier in the figure shown. The opportunity cost of moving from point A to point B is:
A. 5 cars per cigar.
B. 10 cars per cigar.
C. 5 cigars per car.
D. 10 cigars per car.