The adoption of the QWERTY keyboard in the early days of mechanical typewriters, with its continued use today, has been suggested as a metaphor for:
A. X-inefficiency.
B. reverse engineering.
C. a lazy monopoly.
D. technological lock-in.
Answer: D
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Diminishing marginal product of labor occurs when: a. adding another unit of labor increases output, but not by as large a margin as the previous unit of labor employed. b. the average product of labor begins to rise
c. adding another unit of labor increases output by a larger margin than the last unit of labor employed. d. all inputs are varied simultaneously in the same proportion.
Conscious manipulation of the interest rate causes it to become a less effective tool in allocating resources among time periods.
Answer the following statement true (T) or false (F)
The marginal product of labor (measured in units of output) of a firm is given by MPN = A(2000 - N)where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $6 per unit and A = 0.002. (a)What will be the demand for labor if the nominal wage is $18?(b)What will be the demand for labor if the nominal wage rises to $21?
What will be an ideal response?
The natural rate of unemployment is the
A. Amount of cyclical unemployment minus the anticipated rate of unemployment. B. Rate that would occur if the structural deficit were zero. C. Rate that corresponds to 3 percent inflation on the Phillips curve. D. Long-term rate determined by structural forces in labor and product markets.