Last year, in a nation far to the South, real GDP was $90 million and 900,000 workers were employed. This year real GDP is $100 million, 950,000 workers are employed, and the number of hours each worker works per year did not change
Hence, labor productivity
A) has decreased.
B) has increased.
C) has remained constant.
D) cannot be compared between the two years because both real GDP and the number of workers increased.
E) might have changed, but more information is needed to determine if it changed.
B
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A profit-maximizing output for a single-price monopoly is determined by the intersection of the ________ curves and the profit-maximizing price is found on the ________ curve
A) marginal cost and marginal revenue; marginal revenue B) marginal cost and marginal revenue; demand C) total revenue and total cost; total revenue D) marginal cost and average total cost; demand E) demand and supply; supply
The currently used method for calculating the CPI
A) accounts for people increasing consumption of a good that falls in relative price. B) probably overstates inflation by about 1 percentage point. C) has no effect on government expenditures. D) None of the above answers are correct.
Which of the following is NOT true of opportunity cost?
a. Opportunity costs are subjective because they depend upon how the decision-maker values his or her options. b. Opportunity costs are only the monetary costs of lost options. c. Opportunity costs are the highest-valued alternative sacrificed in order to choose an option. d. Only the decision-maker can determine his or her opportunity costs for any particular action.
When an effluent fee is put in place,
a. all polluting sources will abate the same number of units, regardless of cost differences b. cost savings can be realized c. an efficient solution is assured d. each polluting source reduces effluents to zero to avoid the fee