Marginal physical product is
a. the increase in input usage resulting from an increase in revenue.
b. the same as marginal revenue product.
c. equal to average physical product when a monopoly firm is in equilibrium.
d. the increase in output stemming from a one-unit increase in input.
d
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Unemployment, especially in the long term, tends to increase the faith people have in social institutions such as government
a. True b. False Indicate whether the statement is true or false
As more people become self-employed, which allows them to determine how many hours they work per week, we would expect the deadweight loss from the Social Security tax to
a. increase, and the revenue generated from the tax to increase. b. increase, and the revenue generated from the tax to decrease. c. decrease, and the revenue generated from the tax to increase. d. decrease, and the revenue generated from the tax to decrease.
The infant-industry argument
a. is based on the belief that protecting industries when they are young will pay off later. b. is based on the belief that protecting industries producing goods and services for infants is necessary if a country is to have healthy children. c. has the support of most economists. d. is an argument that is advanced by advocates of free trade.
A decrease in the interest rate due to an increase in the supply of loanable funds is referred to as the __________ effect
A) expectations B) liquidity C) income D) a and c E) a, b and c