Refer to the Article Summary. Labor productivity in the UK was well below the productivity in five of the other G7 nations, only faring better than Japan.. Labor productivity is important for an economy because an increase in labor productivity
A) allows the average consumer to increase consumption.
B) will create short-run, but not long-run, economic growth.
C) will increase output and decrease wages in the long run.
D) will increase the labor force participation rate.
A
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Albert, Betty, and Cecile live in Norland. Their annual incomes and the amounts they pay in income tax are shown in the table below
Income Tax Albert 40,000 8,000 Betty 30,000 4,500 Cecile 60,000 18,000 The income tax in Norland is A) proportional. B) fair. C) regressive. D) progressive.
How do taxes distort the incentives of buyers and sellers in a market?
Dog owners do not bear the full cost of the noise their barking dogs create and often take too few precautions to prevent their dogs from barking. Local governments address this problem by
a. making it illegal to "disturb the peace." b. having a well-funded animal control department. c. subsidizing local animal shelters. d. encouraging people to adopt cats.
In a competitive industry the market-determined price is $12. A firm is currently producing 50 units of output; average total cost is $10, marginal cost is $15, and average variable cost is $7. In order to maximize profit, the firm should:
A. produce more because the firm is earning a profit of $100. B. produce more because the next unit of output increases profit by $2. C. keep output the same because the firm is earning a profit of $100. D. produce less because the last unit of output decreased profit by $3.