As an economy recovers from a recession, the observed level of labor productivity tends to decline. Why?
A) The total product remains the same during the recovery, but the number of workers declines.
B) The total product increases during the recovery, but the number of workers declines.
C) The marginal product of labor declines as new workers enter the expanding work force.
D) The marginal product of labor increases at a slower rate than the decline in employment.
Question 2
The snob effect corresponds best to a
A) negative network externality.
B) Giffen good.
C) positive network externality.
D) bandwagon effect.
Mars sketched as observed by Lowell sometime before 1914. (South top)
Darwin observed that tortoises on islands that are arid tend to have saddle-shaped shells, allowing
In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
The Decline of Two-Parent Families
Control of blood glucose level.
Rule of Law and Productivity