Labor productivity measures
A. the growth in the quantity of labor.
B. the growth of per capita real GDP.
C. real output per labor hour.
D. the growth of real output.
Answer: C
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Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars SoldTrucks SoldLarry105Joe99Ralph312 Based on last month's data, ________ should specialize in truck sales, and ________ should specialize in car sales.
A. Larry; Ralph B. Larry; Joe C. Joe; Ralph D. Ralph; Larry
The basic goals of total utility maximization, total profit maximization, and total welfare maximization explain most market activity.
Answer the following statement true (T) or false (F)
Luigi is willing to lend Klaus $5,000 for one year at a nominal rate of interest of 7%. Both Luigi and Klaus expect the rate of inflation to be 2% in the next year. How many dollars will Klaus have to pay Luigi in one year?
A. $350 B. $5,000 C. $5,350 D. $4,650
Suppose an individual buys a new CD of her favorite musical artist. This purchase has taken place in the
A) labor markets. B) factor markets. C) resource markets. D) product markets.