The term labor productivity refers to the
a. management time required to manage a unit of output
b. maximum number of laborers that a production facility can utilize
c. ratio of workers' wage rate to the value of the good
d. minimum number of laborers required to produce a good
e. quantity of output per laborer per hour
E
Economics
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A knowledge spillover occurs when firms:
a. restrict trade of inputs with each other. b. have wasteful expenditure. c. mimic the successful innovations of other firms. d. keep secrets from other firms.
Economics
The income elasticity of demand for a good that is extremely necessary for the existence of its consumers is close to zero
a. True b. False Indicate whether the statement is true or false
Economics