Marginal physical product of labor measures the
a. quantity of output produced by hiring workers
b. change in output generated by hiring an additional worker
c. change in revenue generated by hiring an additional worker
d. change in cost generated by hiring one additional worker
e. change in labor productivity generated by a change in capital employed
B
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The sum of all budget deficits and surpluses is known as the
A) government expenditure. B) budget balance. C) fiscal year. D) government debt.
The overwhelming unpopularity of inflation among citizens is largely a result of the fact that
A) inflation raises the real cost of such basic necessities as food, housing, and clothing. B) inflation reduces the value of real wealth. C) no one knows what causes it. D) no one (or almost no one) gains from inflation. E) people who gain from inflation often erroneously conclude that they are losing as a result of it.
Why is a competitive market efficient?
What will be an ideal response?
Which of the following is NOT true regarding monopoly?
A) Monopoly is the sole producer in the market. B) Monopoly price is determined from the demand curve. C) Monopolist can charge as high a price as it likes. D) Monopoly demand curve is downward sloping.