The most important thing about higher labor productivity is that it means
A) we can compete well with other nations. B) we are doing better than anyone else is.
C) we can achieve a happier population. D) we can have a higher standard of living.
D
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For a perfectly competitive firm, profit maximization occurs when
A) marginal revenue equals average total cost. B) marginal revenue equals marginal cost. C) marginal cost is equal to average total cost. D) average total cost is at its minimum.
Japan exports more goods than any other country
Indicate whether the statement is true or false
Suppose that a tax is placed on books. If the buyers pay the majority of the tax, then we know that the
a. demand is more inelastic than the supply. b. supply is more inelastic than the demand. c. government has required that buyers remit the tax payments. d. government has required that sellers remit the tax payments.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.