MPL multiplied by PX is the ________, where L denotes labor and X denotes output.
A. value of labor's marginal product
B. marginal revenue of a unit of output
C. cost of a marginal unit of labor
D. marginal cost of a unit of output
Answer: A
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Answer the following statements true (T) or false (F)
1. Economics is the social science concerned with the best use of scarce resources to achieve maximum satisfaction of economic wants. 2. Marginal analysis is the valuation of insignificant or small benefits from doing things. 3. Rational behavior implies that different people faced with similar choices will make the same decisions. 4. Economic analysis is primarily concerned with marginal changes from the status quo, as a result of a certain action or decision.
The investment demand curve suggests:
A. that changes in the real interest rate will not affect the amount invested. B. there is an inverse relationship between the real rate of interest and the level of investment spending. C. that an increase in business taxes will tend to stimulate investment spending. D. there is a direct relationship between the real rate of interest and the level of investment
Taxes on a producing firm's spillovers
A. are simply meant to force decision makers to consider the full costs of their actions. B. are designed primarily as a way to raise money so that the government can compensate the victims of the externality. C. will lead to a zero level of output. D. are designed to make it easier for economists to measure spillovers.
(The following national income data for an economy are in billions of dollars.)
Refer to the above data. The expenditures approach to GDP calculation can be done by adding:
A.
1 through 7
B.
2 through 7
C.
8 through 11
D.
8 through 13