The marginal product of labor is
A. the percentage change in output divided by the percentage change in labor.
B. the change in output that results from an increase of labor by one unit.
C. the output produced by a worker of average quality.
D. total output divided by total labor.
Answer: B
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In the above figure, the long-run equilibrium price and output are
A. $8 and 10. B. $7 and 8. C. $10 and 10. D. $10 and 12.
Which of the following is a reason why we should consider the federal national debt a problem?
A) If the debt was incurred to finance research and development, crowding out will occur. B) If the debt drives up interest rates, crowding out will occur. C) The federal government is in danger of defaulting on its debt. D) If the debt was incurred to finance improvements in infrastructure, crowding out will occur.
Describe at least three ways that global capital markets are different today from what they were like in the late nineteenth century
What will be an ideal response?
When transactions costs are low, private actions to correct externalities are usually feasible
a. True b. False