If 100 lumberjacks generate $5,000 in real GDP, the output per laborer would be
a. 0.02
b. 0.05
c. 50
d. 100
e. 5,000
C
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Joe quits his job as an insurance agent and opens his own sporting goods store. If his profits as measured by his accountant are greater than zero, then
A) he made a good move because he is earning above normal profits. B) his economic profit must be greater than zero. C) his opportunity costs must be zero. D) There is not enough information to determine his economic profit, if any.
All along the beach in San Diego, California are shops which rent boogie boards by the hour
Tourists perceive that all rental boogie boards are identical, all prices are clearly listed on signs in front of the shops, and there are no restrictions on entry and exit in the boogie board market. What type of market is the boogie board market? A) monopoly B) oligopoly C) monopolistic competition D) perfect competition
The steeper an isoquant is,
A) the greater is the marginal productivity of labor relative to that of capital. B) the greater is the substitutability between capital and labor. C) the greater is the need to keep capital and labor in fixed proportions. D) the greater is the level of output.
A person who is currently not working and has stopped looking for a job because he or she is convinced there is no job available is classified as a
A) discouraged worker. B) disgruntled worker. C) depressed worker. D) dissatisfied worker.