Marginal labor cost is measured by
a. MR × price
b. MR × MC
c. change in TR / change in MPP
d. change in TC / change in labor hired
e. change in TC / change in MPP
D
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A util represents a unit of measurement for the
a. dollars a consumer spends on a good b. consumer surplus earned when paying less than he/she would have been willing to spend c. way a consumer responds to a change in price d. happiness a person obtains from consuming a good e. consumer surplus a person acquires when buying a good at less than market price
Private ownership and competitive markets are important for economic growth because they provide individuals with a strong incentive to
a. care for resources and use them beneficially. b. innovate and introduce new products that are highly valued relative to their cost. c. produce goods efficiently. d. all of the above are correct.
Which of the following is a positive microeconomics statement?
A) The central bank should increase the nation's money supply. B) The increase in the nation's money supply helped push the nation's unemployment rate down in the short run. C) Ford Motor Company's new advertising campaign ended up hurting General Motors's sales. D) The local government ought to spend more on recreational activities.
A seasonally adjusted series is one which:
A. has had seasonal factors added to it. B. has seasonal factors removed from it. C. has qualitative dependent variables representing different seasons. D. has qualitative explanatory variables representing different seasons.