Recently economists have added what factor as a major explanation of economic growth?
A. technology
B. the growth rate of capital
C. the growth rate of labor
D. the growth rate in labor and capital productivity
Answer: A
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The explicit cost of production is also called
A) accounting cost. B) overhead cost. C) direct cost. D) variable cost.
Disposable income is not:
A. total income minus taxes. B. what consumers base their buying decisions on. C. the amount consumers have to spend on goods and services. D. income before tax.
A cost associated with an economic depression is
a. the loss of goods and services that are not produced. b. the loss of individual income to unemployed workers. c. a possible deterioration of working skills of unemployed workers. d. All of these.
An increase in the MRP for each unit of labor
A. means that the marginal physical product of labor rose. B. means that more labor is demanded by the firm. C. means that the demand for the final product has fallen. D. means that labor's productivity has risen.