Which of the following statements is true?
a. Productivity is calculated as hours worked divided by output produced.
b. Americans have a higher standard of living than Indonesians because American workers are more productive than Indonesian workers.
c. Both A and B are correct.
d. None of the above are correct.
b
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If a customer values good A at $15, and it costs the firm $10 to produce, the firm can increase its profits if
a. Redesign the product such that it delivers $16 in customer value b. Redesign the production process so that the costs fall to $9 c. One or both of the above d. None of the above
One of the reasons why wages are "sticky downward" is that union workers often operate under a multiyear contract with a company and make wage reductions difficult or impossible during the contract period
a. True b. False Indicate whether the statement is true or false