Unit labor cost represents the increase in output because an additional worker is hired.
Answer the following statement true (T) or false (F)
False
The wage rate divided by the marginal physical product is equal to the unit labor cost, which indicates the labor cost to produce one unit.
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Refer to Figure 7-1. Marginal social benefit is represented by which curve?
A) Supply B) D1 C) D2 D) All of the above represent marginal social benefit.
For a monopsonist the marginal cost of increasing its workforce will always be greater than the wage rate because
A) there is not good factor substitution in a monopsony. B) the wage rate offered the newest employee must be paid to all workers. C) the industry will be a closed shop. D) a normal rate of return must be paid to the owner.
Economists like Hernando de Soto feel that a ___________ is the key to economic development.
A. strong national defense B. strong currency C. strong titling system D. stable currency
The most accurate measure of inflation as it impacts the cost of living is the _______________ Price Index.
a. Personal b. Production c. Employment d. Consumer