The factor of production called "labor" can be defined as the:
A. time spent by employees in the production of goods, but not services.
B. number of worker-hours a business uses at a given time.
C. fraction of total costs spent on people.
D. number of people a business has access to at any given time.
Answer: B
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Which of the following statements is correct?
a. The value of the marginal product curve is the labor demand curve for competitive, profit-maximizing firms. b. A competitive, profit-maximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage. c. By hiring labor up to the point where the value of the marginal product of labor equals the wage, the firm is producing where price equals marginal cost. d. All of the above are correct.
Based on the long-run Phillips curve, we can conclude that expected inflation plays:
A. a minor role in determining inflation. B. an uncertain role in determining inflation. C. an important role in determining inflation. D. no role in determining inflation.
Assume that the hourly price for the services of personal trainers has risen and sales of these services have also risen. One can conclude that
A) personal trainers are deliberately charging high prices because they provide services for wealthy clients. B) the demand for personal trainers has increased. C) the law of demand has been violated. D) the number of personal trainers has increased.
If the price level in the United States rises less than the increases in the price levels of other countries, exports of U.S.-made goods will increase
Indicate whether the statement is true or false