The additional revenue earned from hiring one more worker is known as the
A. marginal utility of labor.
B. marginal factor cost of labor.
C. marginal revenue product of labor.
D. marginal physical product of labor.
Answer: C
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The central idea behind comparative advantage is that a nation should
A. specialize in the product that it can produce with the lowest opportunity cost. B. compare its market economy with other nations. C. use money as a medium of exchange to facilitate specialization and trade. D. pursue investment in capital goods as a means of stimulating economic growth.
Which one of the following statements is false if we increase the discount rate used to allocate a resource across two time periods?
a. The resource will tend to be used up quicker b. The price of the resource will tend to rise faster c. Current consumption of the resource will increase d. The appropriate resource depletion tax will increase e. Future supplies of the resource will decrease
The consumption function will shift for all of the following reasons except:
A. a change in a household's real assets. B. a change in interest rates. C. expectations of price changes. D. changes in a household's disposable incomes.
The market in which households, firms and governments buy and sell national currencies is known as
A. flexible exchange rates. B. the foreign exchange market. C. standard drawing rights. D. the exchange rate.