USX, a steel company, reduced the number of man-hours required to produce a ton of steel from 10.8 in 1982 to 3.8 in 1990, thereby eliminating 55,000 jobs. Technically, this rise in productivity means the
A. marginal product of labor increased.
B. average product of labor increased.
C. average product of capital fell.
D. marginal product of capital fell.
Answer: B
Economics
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A) intersect at the optimum consumption bundle. B) do not intersect. C) intersect where the marginal rate of substitution for each indifference curve is equal. D) intersect at the equilibrium consumption bundle.
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If a good or service does not get used up as it is consumed, then it is said to be
A) nonexcludable. B) nonrival. C) nondiscrimination. D) nonconsumable.
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