For a firm that is a price taker in the market for labor, the marginal revenue product of labor equals the
A) marginal product of labor multiplied by the product price.
B) marginal product of labor multiplied by the marginal cost of production.
C) marginal product of labor divided by the wage rate.
D) marginal product of labor multiplied by the wage rate.
A
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One disadvantage of commodity money is that
A) it cannot be readily converted to gold. B) its quantity can fluctuate erratically C) its value does not change. D) it has no value apart from its use as money.
Workers expect inflation to rise from 3% to 5% next year. As a result, this should
A) shift the short-run aggregate supply curve to the left. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the right. D) move the economy up along a stationary short-run aggregate supply curve.
Adding together the growth rate of labor input and the growth rate of labor productivity yields the growth rate of
A. nominal GDP. B. actual GDP. C. potential GDP. D. final GDP.
Refer to the above table. If the price of the good produced is $5, the marginal revenue product of the 5th worker is
A) $3350. B) $670. C) $500. D) $100.