Full-employment output is the level of output that firms in the economy supply when
A) taxes are zero.
B) wages and prices have fully adjusted.
C) the unemployment rate is zero.
D) all capital is fully utilized.
B
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The link between the productivity of labor and the standard of living is
A) tenuous and changing. B) inverse. C) that over the long run, consumers as a whole can increase their rate of consumption only by increasing labor productivity. D) that over the long run, consumers' rate of consumption is not related to labor productivity. E) that the productivity of labor grows much more erratically than the standard of living.
Firms that contain some divisions that produce parts and components to be used by other divisions in order to generate finished goods are said to be:
A) horizontally integrated. B) vertically integrated. C) multinationals. D) corporations.