The best hope for continued growth of the U.S. economy probably lies in:
a. a return of manufacturing to the U.S.
b. innovation
c. patents
d. decreasing poverty
b
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Suppose initially that the working-age population is 220 million, the labor force is 150 million, and the official U-3 unemployment rate is 10 percent
5 million new jobs are created and filled by 5 million people who had previously been discouraged workers. What is the new U-3 unemployment rate? A) 6.25 percent B) 6.7 percent C) 9.7 percent D) 8.7 percent
An avocado orchard employs five full-time workers. Currently, the average product of labor is 120 pounds of avocados per day. The orchard hires a 6th full-time worker and his marginal product is 150 pounds of avocados
The average product of the six workers will now be A) equal to 120 pounds. B) greater than the marginal product of labor. C) more than 120 pounds. D) less than 120 pounds.
The supply of public goods must be left to government and nonprofit institutions. Why?
Average productivity can be measured as total output divided by total units of labor
a. True b. False Indicate whether the statement is true or false