Which of the following does NOT affect a worker's marginal productivity?
A) education
B) training
C) talent
D) inheritance of money
Answer: D
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Which of the following is likely to happen if the government increases its expenditure?
A) Price level will fall. B) Investment will decrease. C) Unemployment will increase. D) Consumption will increase.
Refer to Figure 2-17. One segment of the circular flow diagram in the figure shows the flow of funds from economic agents E to market F. Who are economic agents E and what is market F?
A) E = households; F = product markets B) E = households ; F = factor markets C) E = firms; F = product markets D) none of the above
Christina Romer's criticism of the belief that business cycles had moderated since World War II depended on the fact that
A) estimates of the timing of business cycles since World War II had been inaccurate. B) misuse of historical data had caused economists to understate the size of cyclical fluctuations in the post-World War II era. C) economists had ignored the roles of the government and international trade in mitigating economic fluctuations prior to World War II. D) economists had left out important components of GDP, such as wholesale and retail distribution, transportation, and services, in their pre-World War II estimates.
Which of the following can be added to profit to obtain total revenue?
a. net profit b. capital profit c. operational profit d. total cost