The additional revenue earned from hiring one more worker is known as the
A) marginal physical product of labor.
B) marginal revenue product of labor.
C) marginal factor cost of labor.
D) marginal utility of labor.
B
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The central question in economics is how to
A. make the best use of scarce resources. B. use government planning agencies. C. induce people to want less. D. increase human knowledge.
Which of the following statements is true?
A) Lower wages are normally offered for jobs with better amenities. B) Jobs that are relatively risky pay a lower wage than other safer jobs. C) Educational qualifications and wage rates are negatively correlated. D) Incentives are normally higher for desirable occupations in comparison to undesirable occupations.
If X and Y are perfect substitutes, which of the following assumptions about indifference curves is not satisfied?
A) Completeness B) Transitivity C) More is preferred to less D) Diminishing MRS E) none of the above (All of the above assumptions are satisfied.)
Which of the following limit the direct creation of new jobs through foreign investment?
a. Availability of large number of unemployed workers b. Nature of the industries in which investment is allowed c. Low cost of setting up the capital-intensive industries d. High percentage of youth in the country's population e. Regulation on technology transfer