Typically, division of labor and specialization result in
a. increases in labor productivity
b. decreases in the marginal physical product of labor
c. decreases in the marginal revenue product of labor
d. decreases in the total output produced by labor
e. decreases in efficiency because workers are laid off
A
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With respect to Figure 3.1, the classicists argued that
a. the relevant aggregate supply curve is labeled B. b. the curves labeled B and G are both relevant during recessions. c. only the supply curve labeled M is important. d. None of the above
A progressive tax is one for which the percentage of each added dollar of income paid in taxes
a. increases as income increases. b. remains the same as income increases. c. decreases as income increases. d. is zero after a certain maximum income is reached.
If the unemployment rate is 9 percent and the natural rate of unemployment is 5 percent, then the:
A. frictional unemployment rate is 5 percent. B. cyclical unemployment rate and the frictional unemployment rate together are 5 percent. C. cyclical unemployment rate is 4 percent. D. natural rate of unemployment will eventually increase.
If revenues are greater than total variable costs of production but less than total costs, a firm
A. earns a profit. B. shuts down. C. suffers a loss. D. breaks even.