Marginal revenue product
A. eventually increases as labor input increases.
B. increases when marginal product decreases.
C. is calculated as the marginal product of labor divided by the price of output.
D. measures the benefit to the firm from hiring an additional unit of labor.
Answer: D
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The labor force participation rate is calculated as:
A) (number of unemployed) ÷ (labor force). B) (number of employed) ÷ (adult population). C) (number of employed + number of unemployed) ÷ (labor force). D) (labor force) ÷ (adult population).
For all points above the 45-degree line, planned aggregate expenditure will be less than GDP
Indicate whether the statement is true or false
If Mike earns $80,000 this year and pays $16,000 in taxes and David earns $50,000 this year and pays $11,000 in taxes, this tax system would appear to be a. progressive
b. proportional. c. regressive. d. none of the above
Clorox Bleach and generic brands have the exact same proportions of chlorine and other active ingredients. The reason that people continue to purchase Clorox at twice the price of the generic brand is the
a. price elasticity of demand classifies them as belonging to the same market b. low cross elasticity between Clorox and the generic brand c. high cross elasticity between Clorox and the generic brand d. perceived differences on the part of consumers e. income elasticity of demand is higher for the Clorox brand