Because of technological change, oil companies like Chevron were able to produce almost twice as much output from refineries in 2016 as in 1950 while using 60 percent fewer workers. This represents ________ in output per worker, which is also known as

If the price level increases, but workers' money wage rates remain constant,which of the following is TRUE?

I. The quantity of labor demanded will increase. II. The real wage rate will decrease. III. The demand for labor curve shifts rightward. A) I only B) I and II C) II and III D) I, II and III

The art in scientific thinking -- whether in chemistry, economics, or biology -- is

a. the design and implementation of laboratory experiments. b. knowing when to stop collecting data and when to start analyzing the data. c. deciding which assumptions to make. d. being able to mathematically model natural phenomena.