Table 17.1Refer to Table 17.1. If the price of output is $2 per unit, the marginal revenue product of the eighth unit of labor is:
A. $10.
B. $20.
C. $310.
D. $620.
Answer: B
You might also like to view...
Which of the following statements is true?
A) Growth in technology is linear in nature. B) Growth in land productivity is exponential in nature. C) Growth in technology is exponential in nature. D) Growth in labor productivity is exponential in nature.
Which of the following statements is true?
a. World trade as a fraction of world GDP is much less than it was at the end of the 19th century. b. War decreases the pace of globalization. c. Large countries such as the U.S., Russia, and Japan have high scores in economic integration when measured against the criteria of Foreign Policy magazine. d. Poor countries tend to have high scores in the personal contact area when measured against the criteria of Foreign Policy magazine. e. The U.S. increased its international investments after the September 11, 2001 terrorist attacks to revive their economy.
The ________ measures a worker's earnings in current dollars, or the amount on a worker's paycheck, while the ________ measures the wage in constant dollars, or the purchasing power of the worker's earnings
a. real wage; living wage b. living wage; real wage c. before-tax wage; after-tax wage d. nominal wage; real wage
The public debt is the:
a. Difference between current government expenditures and revenues b. Total of all past deficits minus all past surpluses c. Ratio of all past deficits to all past surpluses d. Amount of U.S. paper currency in circulation