The demand curve for labor is the
A. marginal factor cost curve for labor.
B. marginal physical product curve for labor times the wage rate.
C. marginal physical product curve for labor.
D. marginal revenue product curve for labor.
Answer: D
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With labor migration, the country of origin experiences:
A. An increase in output and a rising wage rate B. An increase in output and a falling wage rate C. A decrease in output and a falling wage rate D. A decrease in output and a rising wage rate
The vertical axis for an aggregate demand curve measures
A. real Gross Domestic Product? (GDP). B. quantity demanded of the representative good. C. the interest rate. D. the price level.
A perfectly competitive firm will earn positive economic profits in the range of output for which the firm's price is ________ its minimum average total cost.
A. equal to B. below C. above D. below its marginal cost and
Suppose that the current overall unemployment rate is 7.5%. If structural unemployment is 1.5%, frictional unemployment is 3%, and cyclical unemployment is 2%, what is the unemployment rate that is due to seasonal factors?
a. 14.0% b. 5.5% c. 4.5% d. 6.0% e. 1.0%