Refer to Table 10.2. If the price of output is $10 per unit, the marginal revenue product of the third unit of labor is:
A. $50.
B. $60.
C. $500.
D. $600.
Answer: C
You might also like to view...
After implementation of the Single European Act, value added taxes in the EU were
A) completely harmonized. B) unchanged. C) partially harmonized with minimum and maximum permissible values set by the EU. D) eliminated except on a few items in each country. E) cut in half in order to increase the role of corporate taxes.
Recent research by Keynesians and classicals has led to
A) a reconciliation of the types of models they use. B) the recognition by classical economists that prices adjust very slowly. C) convincing evidence that TFP shocks are the dominant force affecting the business cycle. D) the refutation of the efficiency wage model.
Adaptive expectation is a theory in which people look at current economic changes and adapt their beliefs and behavior almost immediately to such changes
a. True b. False Indicate whether the statement is true or false
The classic tradeoff between "guns and butter" states that when a society spends more on national defense, it has less to spend on consumer goods to raise the standard of living
a. True b. False Indicate whether the statement is true or false