According to a study by an economist at the Federal Reserve Bank of Minneapolis, during the middle 1980s, managers at iron mines in Canada and the United States increased output per hour worked by 100 percent through changes in work rules that increased workers' effort per hour worked and increased the efficiency of workers' effort. This increase in output per hour worked is due to______________________________
Fill in the blank(s) with the appropriate word(s).
Answer: better means of organizing and managing production
Economics
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Which of the following events will increase long-run aggregate supply?
A) an increase in the interest rate B) an increase in resource prices C) a decrease in expected profit D) an advance in technology
Economics
If a consumer wishes to maximize satisfaction given limited income and MUx/Px< MUy/Py then the consumer should:
a. do nothing because she/he is in equilibrium. b. buy more of X and less of Y. c. buy more of Y and less of X. d. buy more of both X and Y. e. buy less of both X and Y.
Economics