Greater labor productivity means
A. Lower output per labor-hour.
B. Higher output per worker.
C. Higher labor cost per unit of output.
D. Lower output per worker.
Answer: B
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Developing new products and services as well as introducing new production methods are among the ways that ________ increases average labor productivity.
A. an entrepreneur B. physical capital C. a manager D. human capital
Perfect competition is characterized by
A) many buyers and sellers. B) a small number of firms. C) differentiated products of firms in the industry. D) high barriers to entry.
An increase in the money supply: a. will definitely result in inflation if unemployment is high and there is much unused industrial capacity. b. shifts the aggregate demand curve to the left
c. will probably result in inflation if the economy is fully employed. d. causes interest rates to rise.
The SMarT program is designed to overcome which common barrier to saving?
A. Status-quo bias B. An unwillingness to forgo current consumption C. The program was designed to overcome both A and B. D. The program was designed to overcome neither A nor B.