The marginal physical product of labor is the
A) total output divided by the number of labor employed.
B) wage that must be paid to labor.
C) value of sales divided by additional labor used.
D) change in output generated by a unit change in labor.
D
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Keynes used the term "animal spirits" to refer to the_____.
A. institutional factors that lead to economic downturns B. economic forces that lead markets to reach equilibrium C. psychological factors that lead to shifts supply and demand D. forces that lead firms to enter a market in response to profit opportunities
Suppose that American firms claim that protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to
A) Canadian manufacturers. B) manufacturers who export to Canada. C) the Canadian government. D) Canadian consumers.
For productive efficiency to hold
A) average variable cost is minimized in production. B) average total cost is minimized in production. C) price must equal the marginal cost of the last unit produced. D) price must equal marginal revenue of the last unit sold.
Why is price discrimination legal but not discrimination based on race or gender?
A) because price discrimination enables firms to increase output and employment, but race- or gender-based discrimination reduces employment B) because price discrimination reduces deadweight loss, but discrimination based on race or gender increases deadweight loss C) because price discrimination involves charging people different prices based on their willingness to pay rather than on the basis of arbitrary characteristics D) because price discrimination increases profits and therefore tax revenues for the government, but discrimination based on race or gender reduces tax revenues