The additional revenue a firm obtains when it hires an additional worker (holding other inputs constant) is the
A) marginal revenue product (MRP) of labor.
B) total factor cost (TFC) per worker.
C) general rule for hiring.
D) marginal physical product (MPP) of labor.
A
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Suppose x is an inferior good. Then we will overestimate the deadweight loss from taxes on consumption good x if we use the uncompensated demand curve rather than the marginal willingness to pay (or compensated demand) curve.
Answer the following statement true (T) or false (F)
Everyone refers to Jerry as "Big Guy.". He is 6'4" tall and weighs 275 pounds (he says). It's probably closer to 300 pounds. Jerry loves hamburgers. He ate 4 of them at McDonald's one evening. He figured the last one was just worth the $1 price he paid. If his demand curve for hamburgers is downward sloping, then he
a. gained no consumer surplus because his demand curve is downward sloping b. would have gained consumer surplus if he had eaten one more hamburger c. gained consumer surplus on each of the four he consumed d. gained consumer surplus only on the first three hamburgers e. gained $1 consumer surplus on the fourth hamburger alone
According to this graph, which of the two components of aggregate expenditure are most alike in their proportion of the whole?
a. consumption and investment
b. investment and net exports
c. consumption and government purchases
d. government purchase and net exports
Which of the following is NOT mentioned in the textbook as one of its three goals?
A. Presenting the basic tools of economics B. Teaching how to successfully invest money in the stock market C. Promoting an understanding of markets D. Showing the ways in which the possibilities of today's economy are expanding