The marginal revenue product represents
A) the marginal physical product of labor divided by the price of the good produced.
B) the worker's contribution to the firm's total revenues.
C) the worker's contribution to the firm's output.
D) the value of each additional unit of output.
Answer: B
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Homeowners can deduct interest payments on their mortgages from their federal income tax. If this deduction were removed, how would the housing market be affected?
A traditional definition of recession is
a) any GDP gap which persists for 9 months or more b) deflation or a slowing of the inflation rate for one year or more c) a temporary shock to the economy resulting in the need for fiscal or monetary stimulus d) at least two successive quarters of positive unemployment e) negative GDP growth for half a year or more
To correct for the underproduction of products with positive externalities, the government must
A) provide the incentives for the private sector to produce and consume the good. B) provide tougher regulations on the industry. C) increase taxes on the industry. D) fine the industry.
The World Bank is an international agency that lends money to individual countries for projects that promote economic development.
Answer the following statement true (T) or false (F)