The marginal product of labor
A. decreases as more capital is added to the production process.
B. declines as more labor is added to the production process.
C. equals the output produced per unit of labor employed.
D. depends on the product price.
Answer: B
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When a home builder decides to computerize all of its production schedules, it directly answers the ________ question
A) why B) what C) where D) for whom E) how
The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $3 per hour is imposed. Employment will decrease by
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
People who are in the process of changing jobs are counted as
A. frictionally unemployed. B. underemployed. C. structurally unemployed. D. cyclically unemployed.
If a good is inferior and income increases, then
A. the supply curve will shift to the left. B. the demand curve will shift to the right. C. the demand curve will shift to the left. D. the supply curve will shift to the right.