The marginal revenue product of labor curve is the firm's
A. MPP of labor curve divided by the wage rate.
B. Marginal revenue curve.
C. Marginal physical product multiplied by the wage rate.
D. Demand curve for labor.
Answer: D
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The capture theory of regulation assumes that regulation benefits
A) producers. B) consumers. C) government. D) the general public. E) the regulators.
Which of the following purported externalities in fact does not distort the allocation of resources? I. An individual's unwillingness to cut his or her own lawn in an otherwise immaculately kept neighborhood. II. Smoke produced by a new firm in an area which raises the costs of other firms. III. A new firm's bidding up skilled wages in an area, thereby raising costs of other firms. IV. An
individual's unwillingness to obtain job training, thereby lowering the total GNP. Possible choices: a. I, III, and IV. b. III and IV. c. III only. d. IV only.
To predict the effects of a tax cut on consumption spending, economists must have some estimate of the
a. income effect. b. substitution effect. c. relative price effect. d. marginal propensity to consume.
Under the 2009 jobs stimulus bill signed by President Obama, who can apply for aid after losing their job due to import competition?
a. service sector workers b. Farmers c. neither service sector workers nor farmers d. both service sector workers and farmers