Assume That the Price of Labor and Capital Have Remained

question 19

Multiple Choice

Assume that the price of labor and capital have remained the same, but that the average educational level of workers has increased and therefore the productivity of labor has increased. This would lead a firm to

• A) use a more capital-intensive production technology.
• B) use a more labor-intensive technology.
• C) not change its production technology, but to produce fewer units of output.
• D) use only labor to produce the product.

Distinguish between constitutional and unconstitutional government actions affecting individual rights.

Understand the supremacy clause and its effect on conflicting state and federal laws.

Recognize the rights to free speech, petition, and assembly under the First Amendment.

Comprehend the legal distinctions between protected and unprotected speech under the First Amendment.

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Definitions:

Labour

The human effort, whether physical or mental, that is applied to the production of goods and services.

Goal-Sharing Plans

A type of incentive plan where employees are rewarded if collective goals are achieved, promoting teamwork and collaboration.

Employee Participation

A workplace practice where employees are involved in decision-making processes, potentially improving satisfaction and productivity.

Phantom Stock Plan

A type of employee benefit plan that gives selected employees many of the benefits of stock ownership without giving them any company stock, often tied to the performance or value of the company's stock.