The marginal product of labor equals the value of marginal product of labor multiplied by the price of the output produced
Indicate whether the statement is true or false
FALSE
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Price controls
A) do not include black markets. B) are another name for the price system. C) do not include rent controls. D) interfere with the rationing function of prices.
The level of money income below which a family is considered poor is called the:
a. bottom 20 percent of the income distribution. b. poverty income level. c. guaranteed income level. d. subsistence income level.
The tax multiplier equals the change in ________ divided by the change in ________
A) taxes; equilibrium real GDP B) equilibrium real GDP; taxes C) taxes; consumption spending D) consumption spending; taxes
Other things equal, which of the following would increase the rate of economic growth, as measured by changes in real GDP?
A. A decline in the average length of the workweek. B. A decrease in the labor force participation rate. C. An increase in the size of the working age population. D. A decline in the amount of capital per worker.