The additional cost associated with the hiring of one more unit of labor is known as the
A) marginal physical product of labor.
B) marginal revenue product of labor.
C) marginal factor cost of labor.
D) marginal utility of labor.
Answer: C
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The above figure shows that the maximum amount a person is willing to pay for the 400th pretzel
A) is greater than the marginal social cost of the 400th pretzel. B) is less than the marginal social benefit of the 400th pretzel. C) and the marginal social benefit of the 400th pretzel are both $2. D) is greater than the marginal social benefit of the 200th pretzel.
A subprime mortgage is: a. a mortgage in which the borrower gets an interest rate below the prime rate. b. a mortgage in which the interest rate is adjustable
c. a mortgage for which the home is valued below its true market value. d. a mortgage in which the borrower has a poor credit rating. e. a mortgage for a home that was in foreclosure.
An expansionary fiscal policy will result in higher interest rates and will reduce private investment.
a. true b. false
Technological progress makes the production possibilities frontier
A) shift inward toward the origin. B) become more linear and less bowed. C) shift outward from the origin. D) become less linear and more bowed.