If average labor productivity increases, then the same number of employed workers will always produce:
A. more output per person.
B. less output per person.
C. less total output.
D. more total output.
Answer: D
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Which of the following is a "free" good?
A) Elderly health care, which is covered by Medicare B) Health care for the poor, which is covered by Medicaid C) Higher education in Georgia, which is paid for by lottery revenue D) All of the above. E) None of the above.
Which of the following is not a common rationale for government involvement in education?
a. Public education produces a positive inframarginal externality. b. Public provisions of education makes students into better citizens. c. Public financing of education is necessary on equity grounds. d. all of the above
Second-degree price discrimination:
a. is also known as block rate setting b. is imperfect in the eyes of a monopolist c. is regularly practiced by public utilities d. is effective only in the case of services or products which are sold in easily metered units e. all of the above
What is the difference between total cost and variable cost in the long run?
What will be an ideal response?