The majority of evidence points to the fact that, in the last decade in the United States, labor productivity has
A) stayed the same.
B) increased.
C) decreased in the manufacturing sector but increased in the service sector.
D) decreased.
B
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Answer the following statements true (T) or false (F)
1) Generally, the goal of false advertising is to increase a firm's sales and profit. 2) Advertising can easily misinform buyers about the characteristics of an inspection good. 3) Unlike experience goods, the potential to lose repeat sales is not necessarily a deterrent to false advertising a credence good. 4) The impact of truthful advertising on a firm's demand is most relative to firms selling inspection goods rather than credence goods. 5) False advertising is more profitable and more prevalent in communities with a large number of transient consumers.
A demand curve shows the relationship between:
A. price and quantity demanded. B. the demand and supply schedules. C. demand and supply equilibrium. D. leakages and injections.
You are hired by Jimbo's Potato Farm to determine when Jimbo should shut down and produce no potatoes in the short run. Jimbo sells his potatoes in a perfectly competitive market. You tell Jimbo to shut down if:
A. total cost is less than total revenue when marginal revenue equals marginal cost. B. price is less than average variable cost when marginal revenue equals marginal cost. C. price is less than average total cost when marginal revenue equals marginal cost. D. marginal revenue is less than marginal cost.