The additional output a firm gets from hiring an additional unit of labor is the
A. average product of labor.
B. total product of labor.
C. value of the marginal product of labor.
D. marginal product of labor.
Answer: D
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"I'd rather have $100 now than wait for $100 six months from now." This person
A) displays a negative rate of time preference. B) displays a positive rate of time preference. C) displays a zero rate of time preference. D) displays irrational behavior because the money will be more valuable later.
According to the graph above, the last expansion to occur before the outbreak of World War I in 1914 had a duration of ________
A) 23 months B) 44 months C) 3 years D) 12 months E) 20 months
Markets tend to produce too little of an excludable public good because
A) transaction costs are high. B) of the lack of rivalry. C) these goods are depletable. D) All of the above.
We can measure total production by:
A. adding up what people spend on final goods and services. B. adding up everyone's asset wealth. C. comparing cost of inputs to final sale price. D. adding up all spending in the economy on all goods and services.