Total product divided by the total quantity of labor employed equals the
A) average product of labor.
B) marginal product of labor.
C) average total cost.
D) average variable cost.
B
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If the AD curve shifts rightward, then
A) both the price level and real GDP will decrease. B) both the price level and real GDP will increase. C) the price level will increase, but no change will occur in real GDP. D) the price level will not change, but real GDP will increase. E) potential GDP increases.
Refer to Labor Force Statistics by Age. In the proper order, which age group has the highest unemployment rate and which has the highest participation rate?
Labor Force Statistics by Age. Suppose people in the adult population in a small country are classified based on their age. Labor Force Status less then 55 55 and older Number employed 400,000 100,000 Number unemployed 25,000 7,000 Number in Population 600,000 200,000 A) under 55, under 55 B) under 55, 55 and older C) 55 and older, under 55 D) 55 and older, 55 and older
According to the Consider This box about hypothetical countries Slogo, Sumgo, and Speedo, small differences in __________ make for large differences in _________ over several decades, assuming the same growth of population for each
country. A. inflation rates; unemployment rates B. unemployment rates; economic growth rates C. economic growth rates; real GDP per capita D. tax rates; real GDP per capita
Marginal cost
A. is the increase in total cost resulting from production of one additional unit of output. B. is the cost of the marginal unit of output. C. and the average cost curve are U shaped. D. All of the responses are correct.