Refer to the information provided in Figure 30.2 below to answer the question(s) that follow.
Figure 30.2Refer to Figure 30.2. Labor productivity at time t3 is
A. larger than labor productivity at time t2.
B. less than labor productivity at time t4.
C. larger than labor productivity at time t1.
D. larger than labor productivity at time t2, but less than labor productivity at time t4.
Answer: B
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Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price elasticity of supply and characterize the product
A) 2; The product is elastic. B) 0.5; The product is inelastic. C) 0.2; The product is inelastic. D) 50%; The product is inelastic.
Demand is said to be inelastic when
A) a given percentage change in price will result in a less than proportionate percentage change in the quantity demanded. B) demand exhibits zero responsiveness to price changes. C) small price increases will lead to zero quantity demanded. D) a given percentage change in price will result in a greater than proportionate percentage change in the quantity demanded.
When there is a divergence between social costs and private costs in a market, _____
a. the market will always provide an efficient allocation of resources b. there will be too much or too little production and consumption in the market c. there will be an acute shortage of goods and services in the market d. there will be an excess supply of goods and services in the market e. all resources are being used in their highest-valued activity
By choosing to target the interest rate, the Fed loses control over the money supply
Indicate whether the statement is true or false