The marginal product of labor is
a. the average number of units produced by each worker.
b. the additional output produced when another worker is hired.
c. a worker's weekly production.
d. the total number of units each worker is capable of producing.
b. the additional output produced when another worker is hired.
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When an outcome is weighted by a probability, it becomes an expected value
Indicate whether the statement is true or false
Economists use the term "demand" to refer to:
A. the total amount spent on a particular commodity over a stipulated time period. B. a particular price-quantity combination on a stable demand curve. C. an upsloping line on a graph that relates consumer purchases and product price. D. a schedule of various combinations of market prices and amounts demanded.
As disposable income increases, consumption:
A. may either increase or decrease depending on the mpc. B. decreases. C. may either increase or decrease depending on the wealth effect. D. increases.
In the early 2000s, some argued that the Indian government impeded foreign investment with tariffs, investment caps, and tons of red tape. In terms of promoting or retarding economic growth, such policies:
A. increase growth because they keep people producing for the local market. B. decrease growth because they slow the growth of capital. C. increase growth because they stop exploitation by foreigners. D. decrease growth because they cause inflation.