What is the marginal product of labor?
a. units of output added by a worker
b. average variable cost of one unit of output
c. revenue added by adding a worker
d. price of output minus cost of input
a. units of output added by a worker
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In the market for CDs, the producer surplus will decrease if ________
A) the supply of CDs increases B) the price of a CD decreases C) the marginal cost of a CD decreases D) the price of a CD increases
Refer to Figure 16-6. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, Congress and the president would most likely
A) increase taxes. B) increase the money supply and decrease the interest rate. C) increase government spending. D) increase oil prices. E) raise interest rates.
Risk diversification refers to the process by which:
A. insurance companies change the risk aversion of their clients. B. insurance companies reallocate the likelihood of catastrophes happening. C. people organize themselves in a group to collectively absorb the cost of the risk faced by each individual. D. risks are shared across many different assets or people, reducing the impact of any particular risk on any one individual.
The largest budgetary expense for a typical state or local government is
a. education. b. Medicare. c. highways. d. income security.