Productivity is defined as:
a. the ratio of a specific measure of output to a specific measure of input
b. the production of worthwhile goods and services.
c. the market value of goods, services, and resources produced per time period (e.g., per year).
d. average input divided by average output.
e. total input divided by average output.
a
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Consider the market for opticians. What is likely to happen to the equilibrium wage and quantity of opticians if more and more people turn to laser eye surgery instead of wearing glasses or contact lens?
A) The equilibrium wage falls and the equilibrium quantity of opticians rises. B) The equilibrium wage and the equilibrium quantity of opticians rise. C) The equilibrium wage and the equilibrium quantity of opticians fall. D) The equilibrium wage rises and the equilibrium quantity of opticians falls.
The entrance of the U.S. into the Korean War in June of 1950 led to:
a. deflation. b. an increase in the unemployment rate. c. a long and deep recession. d. a surge in consumer demand. e. All of the above.
On the Fourth of July, there is no fireworks display in the small town of Yankeeville, even though it would be efficient for such a display to be produced. Which of the following statements is correct?
a. The lack of a fireworks display in Yankeeville arises because of an externality. b. The lack of a fireworks display in Yankeeville is a case of market failure. c. In deciding not to produce a fireworks display in Yankeeville, private individuals and private firms made decisions that were privately rational but socially inefficient. d. All of the above are correct.
A standard efficiency wage model pays workers higher wages in order to increase worker efficiency. As a result, firm profits increase and there is a pool of involuntarily unemployed workers. This equilibrium comes about in part because
A. workers are unaware of the pool of unemployed workers as long as they keep their job. B. workers will do anything to be paid a higher wage. C. workers are less likely to shirk when there is a pool of unemployed workers who are willing to take their job. D. the firm agrees to not replace labor with capital. E. the firm pays workers according to a tournament.