Some laborers are productive, others are less so. How do we measure labor productivity? Why are there differences in labor productivity?
a. Labor productivity is capital stock divided by labor, and differences may be explained by differences in the capital-labor ratio
b. Labor productivity is output divided by capital stock, and differences may be explained by differences in the capital-output ratio.
c. Labor productivity is capital divided by GDP, and differences may be explained by differences in the capital-output ratio.
d. Labor productivity is the change in labor divided by GDP, and differences may be explained by differences in the capital-output ratio.
e. Labor productivity is GDP divided by labor, and differences may be explained by differences in the capital-labor ratio.
E
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Joe receives a 20 percent increase in his income from his part time job and as a consequence decreases his consumption of Ramen noodles by 10 percent. Hence to Joe, Ramen noodles are
A) a normal good with a price elasticity of demand of 0.5. B) a substitute good with a cross elasticity of 0.5. C) a good with a price elasticity of supply of -0.5. D) an inferior good with an income elasticity of -0.5. E) an inferior good with an income elasticity of -2.0.
If the earnings report of a firm indicates higher earnings than was expected by the investors:
a. the stock prices of the firm will decline. b. the price of the product produced by this firm will decline. c. the price of the product produced by this firm will rise. d. the firm will spend more on advertising. e. the stock prices of this firm will increase.