The additional output obtained by adding another unit of labor to the production process is called
a. the marginal cost of labor
b. the average output of labor
c. a variable cost
d. the marginal product of labor
e. the marginal utility of labor
D
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The productivity slowdown of the 1970s occurred:
A. only in the U.S, the United Kingdom, and Japan. B. only in the U.S. C. only in the U.S. and the United Kingdom. D. around the world.
Policies adopted by the Truman administration effectively avoided inflation during the Korean War. These policies included:
a. increased personal and corporate tax rates. b. price and wage controls. c. reduced purchases of government debt by the Federal Reserve. d. discontinuance of the practice of "pegging" interest rates. e. All of the above.
If tastes for a good decreased and the price of a substitute good decreased at the same time, as a result: a. prices would rise
b. prices would fall. c. larger quantities to be exchanged. d. we would not know which direction either prices or quantities exchanged would be altered without more information.
The key issue in determining the efficiency of public versus private ownership of a monopoly is
a. the tendency for efficient management of publicly owned enterprises. b. the inability of private monopolies to get rid of managers that are doing a bad job. c. the propensity of private monopolies to generate excessive profits. d. how ownership of the firm affects the cost of production.