Related to the Economics in Practice on page 214: According to the Economics in Practice, firms where managers had more extensive training experienced
A. a decrease in the marginal product of labor.
B. a decrease in the marginal revenue product of labor.
C. increasing wage rates.
D. increased productivity.
Answer: D
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The classical model uses the assumption that
A) all wages and prices are flexible. B) interest rates are not flexible. C) monopoly is widespread in the economy. D) economic markets are fragile and have no tendency to move towards an equilibrium.
In the modern Keynesian model, velocity
a. varies positively with the level of the interest rate but not with income. b. varies positively with the level of the interest rate and with income. c. is constant. d. varies in the short run but is constant in the long run. e. none of the above
Saying "the marginal costs are greater than the marginal benefits" is the same as saying
A) the average costs are greater than the average benefits. B) the total costs are greater than the average benefits. C) the benefits are greater than the costs. D) the additional costs are greater than the additional benefits. E) the costs minus the benefits equal the net costs.
If the marginal cost were $14, output would be
A. 1.
B. 2.
C. 3.
D. 5