A binding minimum wage raises the incomes of some workers, but it lowers the incomes of workers who cannot find jobs
a. True
b. False
Indicate whether the statement is true or false
True
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The services produced by spouses who cook, clean, and otherwise maintain homes are not counted in the gross domestic product because
A) services are not tangible goods. B) there is no accepted and reliable way to measure their value. C) they do not add to the wealth of the nation. D) this would entail double-counting, since such spouses usually receive free room and board. E) while they are useful services, they do not represent productive labor.
How does the Fed reach its target for the federal funds rate?
A) by changing the discount rate B) by changing reserve requirements C) by adjusting the level of reserves D) by directly setting the federal funds rate
The additional cost associated with the hiring of one more unit of labor is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
Total product begins to fall when:
A. average product is below zero. B. marginal product is maximized. C. marginal product is zero. D. average product is negative.