How is the average product of labor calculated?
What will be an ideal response?
The average product of labor is calculated by taking total output (or total product) and dividing by the level of labor.
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Consider a nation that has a comparative advantage in the production of goods using unskilled labor. What types of workers will benefit from increased trade, and what type will lose?
What will be an ideal response?
If an industry lacks barriers to entry and each of the many firm faces a demand curve with a negative slope, the industry is
A) perfectly competitive. B) monopolistically competitive. C) an oligopoly. D) a monopoly.
An improvement in technology will shift a supply curve to the right
Indicate whether the statement is true or false
To be counted as unemployed in the United States a person has to be
A. at least 16 and less than 65 and actively seeking employment. B. at least 16, out of work, and actively seeking employment. C. out of work and actively seeking employment. D. at least 21 and out of work.