The value of marginal product of labor is the ________ when one additional unit of a labor is employed, all other things remaining the same
A) change in marginal revenue
B) change in marginal product
C) change in total revenue
D) total revenue
C
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If robotics and factory automation become more widespread in an industry and all else is held constant
A. the demand for labor should decrease in that industry and the wage rate should increase. B. the demand for labor should increase in that industry and the wage rate should decrease. C. both the demand for labor in that industry and the wage rate should decrease. D. both the demand for labor in that industry and the wage rate should increase.
In the above figure, if the wage rate fell below Wb, in the short run the firm would
A) hire more workers. B) fire several workers. C) reduce its level of output. D) keep all its input levels the same as they were before.
Refer to Table 3.1. Suppose that you have a house that you rent out. If you keep the lawn maintained, you can charge a higher monthly rent for the house. If your hourly wage rises from $25 to $35, what happens to the number of hours per week you spend maintaining the lawn?
A. They fall by 4 hours.
B. They fall by 8 hours.
C. They fall by 12 hours.
D. They don't change.
Which of the following nations had the largest share of exports as a percentage of its GDP in 2012?
A. Italy B. Japan C. Belgium D. The United States