Why is total efficiency units of labor used as an indicator of how much the economy can produce? O A. The average human capital of workers changes over time. O B. The data on total number of workers in an economy is not easily available OC. The etfiCiency of workers depends on the economy's total production. O D. There exist differences in workers' human capital A decrease n the total efficiency units of lubor results from i the average efficiency of workers end/or V n the total number of workers in the economy. Identify the etlect on GDP due to the following factors. u decrease Factors un increasn

Why is total efficiency units of labor used as an indicator of how much the economy can produce? O A. The average human capital of workers changes over time. O B. The data on total number of workers in an economy is not easily available OC. The etfiCiency of workers depends on the economy's total production. O D. There exist differences in workers' human capital A decrease n the total efficiency units of lubor results from i the average efficiency of workers end/or V n the total number of workers in the economy. Identify the etlect on GDP due to the following factors. u decrease Factors un increasn

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Other things being equal, an increase in the average product of labor in steel production will Select one: O a. decrease the average variable cost of steel. O b. increase the average variable cost of steel. Oc. increase the average cost of steel. O d. Both (b) and (c).
Which of the following production functions exhibits increasing returns to scale? OA. AY=k1/2 1/2 O B. Y=K°L1-a O.Y=k1/3L 2/3 O D. Y=K1/2L 3/4 O E. Y=K1/3L 1/3
Refer to the table below to answer the following questions. O a. 2 teapots. Ob. 9 teapots. Oc 7 teapots. O d. 4 teapots. O e. 6 teapots. Table 10.2.1 Labour (workers per day) 1 2 3 Output (teapots per day) 0 3 12 19 23 25 Refer to Table 10.2.1 which gives Tania's Teapots' total product schedule. The marginal product when Tania's increases the number of workers from 3 to 4 per day is
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Dead capital is Select one: O A. useful only if employed in a labor-intensive production process. O B. useful only if employed in a capital-intensive production process. O C. unlikely to have any productive use. O D. unlikely to be applied to its most efficient use.
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.
QUESTION 9 In one day Amazing company produced 50 shirts in 250 labor hours, What is Amazing company's productivity? O a. 1/5 shirts per hour O b. 5 hours per shirts O C. 50 shirts d. 5 shirts.
Suppose the inputs of labour and capital each increase by 8% and output also increases by 8%. The production function exhibits_ returns to scale technology. a. Constant O b. Increasing O c. Decreasing O d. Zero
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Please kindly provide solution for b & C
QUESTION 5 Timothy own a Subway franchise. He used flour, oil, seasoning and oven to bake the bread for sandwich. Oven in this case is an example of O a. labor. O b. human capital. Oc. physical capital. O d. natural resources.