Which of the following is most likely to increase the potential output of an economy?
What will be an ideal response?
an increase in the supply of educated and skilled workers
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The marginal product of labor is the
A) change in total product produced by hiring an additional unit of labor. B) total revenue divided by units of labor. C) extra revenue gained by selling one more unit of output produced by hiring additional units of labor. D) extra revenue gained by employing one more unit of labor.
An increase in the wages paid to fishermen will have what effect on the fish market equilibrium?
a. Price will decrease, and quantity will decrease. b. Price will increase, and quantity will increase. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will decrease. e. Price and quantity will stay the same.
A market structure characterized by a very few firms who behave interdependently is known as:
a. monopoly. b. monopolistic competition. c. natural monopoly. d. oligopoly.
Which statement is true?
A. Aid to other countries is the fourth largest spending item in the federal budget. B. Nearly half of federal government spending goes for direct payments to individuals. C. Over half of all federal tax receipts comes from the personal income tax. D. Defense spending per capita is less than most other industrial countries.