Table 7-2 Shows the Combinations of Labor and Capital That

question 55

Multiple Choice

Table 7-2 shows the combinations of labor and capital that are used to produce various levels of output
Refer to Table 7-2.Based on the input-usage ratio,we can say that the firm is operating _____.

• A)at an economic loss
• B)in the short-run
• C)in a constant-cost industry
• D)in the long-run

---

Definitions:

Bureau of Labor Statistics

An agency of the U.S. Department of Labor that collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress, other Federal agencies, State and local governments, business, and labor.

Unemployment Rate

The percentage of the labor force that is jobless and actively looking for work.

Liberals

Individuals or groups who advocate for freedom in economic policies, personal choices, and a minimal role for government in personal affairs.

Unemployment Rate

The ratio of the labor force that finds itself without employment but are in the hunt for work.