Marginal product of labor refers to the
A. change in total product resulting from employing one more unit of labor.
B. total product divided by the number of units of labor employed.
C. smallest amount of output produced by labor.
D. last unit of output produced by labor at the end of each period.
Answer: A
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Bank panics were the result of
A. banks holding 100% of their deposits on reserve. B. depositors attempting to withdraw more deposits than the banks held in reserve. C. banks hoarding greenbacks during the Civil War. D. the United States going off the gold standard in 1933.
The "law of demand" indicates that if SIUC increases the price of tuition, all other things remaining the same Question 28 options:
A. the quantity of classes demanded will decrease at SIUC B. the demand for classes will decrease at SIUC C. the demand for classes will increase at SIUC D. the quantity of classes demanded will increase at SIUC
Refer to the above table. The marginal utility of the 7th movie for Michael is
A. 15 units of utility. B. 35 units of utility. C. 20 units of utility. D. 435 units of utility.
A competitive market maximizes social welfare because in a competitive market,
A) profits are zero. B) price equals marginal cost of the last unit produced. C) price equals average cost of the last unit produced. D) there is free entry and exit.