The value of the marginal product is the:
A. marginal product generated by an additional unit of input times the price of output.
B. marginal revenue generated by an additional unit of output times the number of workers hired.
C. additional inputs required to produce one more additional unit of output.
D. average revenue generated by workers at a firm.
A. marginal product generated by an additional unit of input times the price of output.
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Refer to Table 2-20. Japan has a comparative advantage in the production of
A) rice. B) wristwatches. C) both products. D) neither product.
For a given short-run Phillips curve, if expected inflation is 8% but actual inflation is 10%, is the unemployment rate above or below its natural rate?
Which of the following is the best example of specialization in the economic sense??
a. A factory produces goods using high-tech equipment. b. A factory focuses production on one type of good. c. A factory gives workers access to many types of training. d. A factory cross-trains workers to perform a range of tasks.
By the legal definition of unemployment, a person who has quit his job to take care of his children full time is
A) unemployed. B) not in the labor force. C) employed. D) in the labor force.