An increase in the cost of acquiring human capital will shift the labor supply curve to the left; eventually, this will tend to decrease the equilibrium wage rate
a. True
b. False
B
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Refer to Table 17-2. The marginal revenue product of labor from the third unit of labor is
A) $5,460. B) $1,560. C) $1,260. D) $780.
Suppose a change in technology increases the marginal product of labor. The result is
a. a downward movement along the demand for labor curve. b. a rightward shift in the demand for labor curve. c. a leftward shift in the demand for labor curve. d. an upward movement along the demand for labor curve.
A.W. Phillips's discovery of a particular relationship between unemployment and inflation for the United Kingdom
a. could not be extended to other countries, despite many researchers' attempts to provide that extension. b. was quickly extended to other countries by researchers. c. was extended to only one other country — the United States. d. was harshly criticized by the American economists Paul Samuelson and Robert Solow on the grounds that Phillips's study was fundamentally flawed.
The price equals marginal cost rule for profit maximization is a specific example of which core principle?
A. The Principle of Comparative Advantage B. The Cost-Benefit Principle C. The Scarcity Principle D. The Efficiency Principle