The marginal revenue product (MRP) of labor is the
a. total revenue generated when one more worker is hired
b. change in average revenue when one more worker is hired
c. total revenue per worker when one more worker is hired
d. change in total revenue when one more worker is hired
e. change in employment when total revenue changes by one dollar
D
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Suppose that the price of labor, the only variable input needed to produce cotton, increases from $100 day to $120 day. The effect on costs will be
a. a parallel shift in the total cost curve. b. a parallel shift in the fixed cost curve. c. a parallel shift in the marginal cost curve. d. a shift in total cost by different amounts for different quantities.
The vertical axis in the AD-AS model shows:
A. the economy's real GDP growth rate. B. the economy's inflation rate. C. the economy's short-term interest rate. D. the economy's nominal GDP growth rate.
People decide how much schooling to receive based on
A. the marginal rate of return to schooling. B. their ability to succeed in education programs. C. their discount rate. D. the present value of expected future earnings. E. All of the above factors influence how much schooling one receives.
Which of the following is NOT a true statement about U.S. exports?
A) Services have become more important part of exports. B) The U.S. is the world's second-largest exporter of goods. C) Three-fourths of U.S. merchandise exports are manufactured goods. D) The manufacturing sector in the U.S. is no longer significant.