Standard of living tends to rise in proportion to the growth rate in labor productivity
Indicate whether the statement is true or false
true
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An example of an oligopoly is: a. the book industry
b. the music CD industry. c. the automobile industry. d. the market for soybeans.
If the marginal physical product of more labor is twice as high as the marginal physical product of more machinery, a profit-maximizing firm will
a. reduce the labor used and increase the machinery used if labor costs half as much as machinery. b. reduce the labor used and increase the machinery used if labor and machinery cost the same amount. c. reduce the labor used and increase the machinery used only if labor costs more than twice as much as machinery. d. reduce the labor used and increase the machinery used only if labor costs exactly twice as much as machinery.
When an investment project generates output that is valued more highly than the value of the resources required for its production,
What will be an ideal response?
Which of the following pairs is the most likely to exhibit an inverse relationship?
A. The amount of time you study and your grade point average. B. People's annual income and their expenditure on personal computers. C. Baseball players' salaries and their batting averages. D. The price of a concert and the number of tickets people purchase.