The marginal revenue product of labor is
A) the marginal physical product multiplied by marginal revenue.
B) the marginal revenue of output multiplied by the price of the input.
C) total sales divided by total labor employed.
D) total labor employed divided by total sales.
Answer: A
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If the Boston Red Sox baseball team is currently charging a ticket price where its demand is inelastic, then the Red Sox's marginal revenue is
A) negative. B) positive. C) zero. D) maximized. E) undefined.
Which of the following is a difference between "quantitative easing" and ordinary open-market operations?
A. There is no difference between the two policy tools. B. Open-market operations are done in order to lower interest rates; quantitative easing is merely intended to increase bank reserves. C. Quantitative easing is focused exclusively on U.S. government bonds; open-market operations also include the buying and selling of debt issued by government agencies and government-sponsored entities.
Government support of basic research by funding scientists through the National Science Foundation is an example of a government policy to promote economic growth by:
A. increasing human capital. B. increasing physical capital. C. increasing the availability of natural resources. D. improving technology.
Suppose the current account has a value of -$500,000 and the financial account has a value of $525,000. The value of the capital account is ________.
A. $25,000 B. -$25,000 C. $500,000 D. -$500,000