As the quantity of labor increases, the marginal product of labor
A) is constant.
B) increases.
C) decreases.
D) may either increase or decrease.
C
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In economics, the demand for a good refers to the amount of the good people:
a. would like to have if the good were free. b. are willing to buy at various prices. c. need to achieve a minimum standard of living. d. will buy at alternative income levels.
How does a temporary technological improvement that raises labor's marginal productivity affect the supply of labor?
a. There is no change in labor supply-changes in marginal productivity affect only labor demand. b. The fall in labor supply is greater than if the improvement were permanent. c. Labor supply will rise only if employers are willing to pay compensating differentials. d. Income effects lower labor supply, while intertemporal substitution raises labor supply.
The more specialized and highly valued a worker’s skills are,
A. the lower is the worker’s stock of human capital. B. the more likely the worker is to earn economic rent. C. the less likely the worker is to sell the skills on the primary labor market. D. the more likely the worker is to be directly affected by minimum wage legislation.
Which of the following is NOT an asset of a bank?
A. transaction deposits B. total reserves C. cash D. loans