Labor productivity is defined as:
A. total output per worker.
B. output per hour of work.
C. output divided by the average hourly wage.
D. price of output divided by cost of output.
Answer: B
Economics
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From the standpoint of a soft drink company the question of "What goods and services should be produced?" is best represented by which of the following decisions?
A) whether or not to hire additional workers B) whether or not to increase its advertising C) whether or not to shut down selected manufacturing facilities D) None of the above are examples.
Economics
Average total cost is equal to
a. output/total cost. b. total cost - total quantity of output. c. average variable cost + total fixed cost. d. total cost/output.
Economics