What does the productivity of an input measure?
What will be an ideal response?
The productivity of an input measures the amount of output produced per unit of that input.
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Following the imposition of the Smoot-Hawley tariff
A) international trade continued to expand. B) more than 40 countries imposed higher tariffs of their own. C) employment in the United States expanded rapidly. D) Two of the above.
When a person possesses a comparative advantage in the production of one good or service, it: a. means that the person's opportunity cost of producing that good or service is higher than for that of other goods. b. discourages specialization
c. promotes greater self-sufficiency. d. permits gains from trade to be realized due to a more efficient use of resources.
It would require the most money to maintain a margin account when
A. You went short at $4.00 and futures are now at $3.00 B. You went long at $4.00 and futures are now at $3.00 C. You went short at $4.00 and offset your position when futures were at $3.50 D. Either A or B as you need margin money whether you are short or long
Firms pay efficiency wages because these wages:
A. increase worker productivity. B. maximize short-run profits. C. increase worker rivalry. D. minimize short-run costs.