Labor productivity equals
A) the total production of labor.
B) real GDP.
C) real GDP divided by the amount of human capital.
D) real GDP per hour of labor.
E) the quantity of labor hours divided by real GDP.
D
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When a monopolist sells positive levels of output, its demand curve:
A) lies below its marginal revenue curve. B) lies above its marginal revenue curve. C) and marginal revenue curve overlap D) is vertical while its marginal revenue curve is horizontal.
Paul goes to Sportsmart to buy a new tennis racquet. He is willing to pay $200 for a new racquet, but buys one on sale for $125. Paul's consumer surplus from the purchase is
A) $325. B) $200. C) $125. D) $75.
"Mediocre economists often consider only the immediate apparent effects of a change, whereas a good economist will also consider effects that may only become observable over time." This statement most clearly emphasizes
a. the fallacy of composition. b. economizing behavior. c. the importance of secondary effects. d. the fact that association is not causation.
In order for Ethiopia to increase its future economic growth, it must choose a point that is:
a. further along on its production possibilities curve toward the capital goods axis. b. above its production possibilities curve. c. below its production possibilities curve. d. further along on its production possibilities curve toward the consumption goods axis.