The marginal physical product of labor is
A) the output of the firm divided by the number of workers.
B) the change in total revenues resulting from the addition of one more worker, while increasing one other factor of production.
C) the change in output resulting from the addition of one more worker, holding other factors of production constant.
D) the change in output resulting from the addition of one more worker, adjusting the level of the capital stock accordingly.
Answer: C
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The unemployment rate is calculated as
A) [(labor force) ÷ (population)] × 100. B) [(unemployment) ÷ (population)] × 100. C) [(unemployment) ÷ (labor force)] × 100. D) [(labor force) ÷ (unemployment)] × 100.
When a bank suspects that a $1 million loan might prove to be bad debt that will have to be written off in the future the bank
A) can set aside $1 million of its earnings in its loan loss reserves account. B) reduces its reported earnings by $1, even though it has not yet actually lost the $1 million. C) reduces its assets immediately by $1 million, even though it has not yet lost the $1 million. D) reduces its reserves by $1 million, so that they can use those funds later.
Social Security payments were:
A. not originally adjusted for inflation, causing the real value to retirees to increase over time. B. not originally adjusted for inflation, causing the real value to retirees to decrease over time. C. originally adjusted for inflation, causing the real value to retirees to increase over time. D. originally adjusted for inflation, causing the real value to retirees to decrease over time.
Which of the following is a fixed cost for a store?
a) short-term workers b) rent c) advertising d) inventory