The first table describes an economy's labor market in 2014 and the second table describes its production function in 2014. Suppose that labor productivity increases in 2014. The increased labor productivity. supply of labor. OA. increases; increases OB. increases; does not change OC. does not change; decreases O D. does not change; increases the demand for labor and the

The first table describes an economy's labor market in 2014 and the second table describes its production function in 2014. Suppose that labor productivity increases in 2014. The increased labor productivity. supply of labor. OA. increases; increases OB. increases; does not change OC. does not change; decreases O D. does not change; increases the demand for labor and the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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van's coffee shop in Al-Khodh currently hires 5 workers. When Safwan's coffee shop dded a 6th worker, its output actually fell. Which of the following statements is true? 1 The Average Physical Product (APP) of the sixth worker is negative. b. The sixth worker is not as skilled as the fifth worker. c The Total Physical Product (TPP) becomes negative. The Marginal Physical Product (MPP) of the sixth worker must be negative.
The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.
"Production function" is the name for OA. a working part. B. a mathematical relationship between inputs and output. OC. technological change. D. none of the above.
7. Historically, technology has: A. increased and the demand for labor has decreased as output has increased. B. increased and the demand for labor has increased as output has increased. C. decreased and the demand for labor has decreased as output has decreased. D. decreased and the demand for labor has increased as output has decreased
Nathan owns a bakery that bakes only cakes. All of his bakers work 8 hours per day. In 2006, he employed 5 bakers and they produced 200 cakes each day. In 2007, he employed 6 bakers and they produced 249 cakes each day. In Nathan's bakery, productivity Select one: O a. Increased by 24.,50 percent between 2006 and 2007. O b. Decreased by 2.33 percent between 2006 and 2007. O c Increased by 3.75 percent between 2006 and 2007. d. Increased by 2.33 percent between 2006 and 2007.
Why do we assume that changes to Total Factor Production are persistent? i know that its important and that it affects the outcome. is it because persistent means the changes are not temporary in the market and therefore doesnt try to readjust over time but rather it has long term affects.
A firm invests $125 million in a new manufacturing plant in your country. What would be the impact on the country's production function? Select one: O a. remain unchanged Ob. shift outwards- c. movement upwards along the same curve O d. movement downward along the same curve O e. shift inwards Next p is page
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will be 4 units of bicycles. will be 2 units of bicycles. will be zero because unemployed resources are available. of doing so cannot be determined from the information given.
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An example of a short-run fixed factor of production is.....a. postage for mailing.b. electricity.C. labor.d. capital equipment.
Additional labor productivity would be equivalent to a.marginal productivity of the worker. b. education and skills. c. GDP per number of active labor force. d. additional output for additional input. e. it is not equivalent any of the choices. f. all of the choices are correct