The change in total revenue divided by the change in quantity of labor employed is the
a. marginal physical product of labor
b. marginal revenue product of labor
c. price of the output
d. demand for the output
e. wage rate
B
You might also like to view...
Assume Congress decides that oil companies are making too much profit and decides to increase the tax on oil companies for each gallon of gasoline produced. This would
A) guarantee a decrease in profits. B) guarantee an increase in profits. C) guarantee an increase in tax revenues. D) None of the above.
Which of the following is a likely cause of declining union membership in the U.S.?
a. An increase in competition from foreign producers b. The annual increase in minimum wage rates c. The shift from service jobs to manufacturing jobs d. A decline in the number of government jobs
The Board of Governors of the Federal Reserve consists of ____________ members appointed by the President of the United States and confirmed by the Senate for 14-year terms.
a. nine b. four c. seven d. five
Household spending on education is counted in which component or subcomponent of GDP?
a. consumption of durable goods
b. consumption of nondurable goods
c. consumption of services
d. investment