How is the average product of labor calculated?
What will be an ideal response?
The average product of labor is calculated by taking total output (or total product) and dividing by the level of labor.
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Which of the following statements is true?
A) When two nations specialize and trade, there is a loss of efficiency and both the nations are made worse off. B) Trade between two nations is most beneficial when neither has a comparative advantage in the production of any goods and services. C) Trade between nations allows each nation to specialize in the production of goods in which it has comparative advantage. D) Trade between two nations is possible only when the opportunity costs of producing goods and services in both nations are identical.
Inflation that is ________ than what is expected benefits ________ and hurts ________
A) greater; lenders; no one B) greater; lenders; borrowers C) less; lenders; borrowers D) less; borrowers; lenders