Labor productivity measures
a. input per machine per hour
b. input per laborer per hour
c. output per machine per hour
d. output per laborer per hour
e. output per unit of land per hour
D
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If people regard economic fluctuations as temporary,
a. spending will be less sensitive to changes in income, and the multiplier will be larger. b. spending will be less sensitive to changes in income, and the multiplier will be smaller. c. they will be pessimistic about the future. d. spending will be more sensitive to changes in income. e. spending will be independent of changes in income.
The price of diamonds is high, in part because the majority of the world's diamonds are controlled by a single firm. This is an example of
a. a market failure caused by an externality. b. a market failure caused by market power. c. a market failure caused by equality. d. There is no market failure in this case.