The marginal product of labor is the
a. marginal revenue product minus the wage paid to the worker.
b. total amount of output divided by the total units of labor.
c. increase in the amount of output from an additional unit of labor.
d. None of the above is correct.
c
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Price elasticities tend to be higher, the greater the number of substitutes
Indicate whether the statement is true or false
When the anticipated rate of inflation is 5 percent and the real rate of interest is 4 percent, the nominal rate of interest is
A) 1 percent. B) 4 percent. C) 5 percent. D) 9 percent.
Among the very rich, the main source of income is most likely their wages
Indicate whether the statement is true or false
The United States has more income inequality than Japan, Germany, and France
a. True b. False Indicate whether the statement is true or false