Firms will hire additional workers as long as the wage:
A. equals the marginal product of labor.
B. is less than the value of the marginal product of labor.
C. is greater than the marginal product of labor.
D. is less than the marginal product of labor.
Answer: B
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When a good is more broadly defined (for example, Starbucks Caramel Macchiato versus coffee),
a. it will have more available substitutes so demand will be more elastic. b. it will have more available substitutes so demand will be less elastic. c. it will have fewer available substitutes so demand will be more elastic. d. it will have fewer available substitutes so demand will be less elastic.
Interest payments account for about ___ percent of U.S. national income.
A. 1 B. 3 C. 9 D. 12
If the interest rates on new car loans increase, the quantity of new cars supplied will
A. increase. B. decrease. C. remain unchanged. D. shift to the right.
Discouraged workers are classified by the BLS as
A) part of the labor force. B) not in the labor force. C) unemployed. D) employed. E) part-time employees.