The marginal product of labor is the
A) change in total product produced by hiring an additional unit of labor.
B) total revenue divided by units of labor.
C) extra revenue gained by selling one more unit of output produced by hiring additional units of labor.
D) extra revenue gained by employing one more unit of labor.
A
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A cost borne not by the producer but by other people is called ________ cost
A) an unregulated B) an external C) a consumer D) a non-production
Which of the following correctly illustrates the leakages–injections approach to GDP?
a. DI + (NT) = C + I + G + (X ? M) b. S + C + NT = DI c. S + C + (NT) = I + G + (X ? M) d. S + (NT) + M = I + G + X e. S + (NT) = I + G + (X ? M)
The United States provides most of its economic aid through the
a. World Bank b. Agency for International Development (AID) c. Group of 77 d. private sector e. NIEO
Depreciation of the dollar relative to the yen means that the
A. dollar price of the yen has fallen. B. yen prices of Japanese goods have increased to the Japanese. C. dollar prices of imported goods from Japan have increased. D. yen are less expensive to Americans.