In a labor market, the benefits to the firm from an additional unit of labor are referred to as the:
a. efficiency wage
b. average revenue product of labor.
c. average physical product of labor.
d. marginal revenue product of labor.
d
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Ignoring any supply-side effects, if government expenditure on goods and services decreases by $10 billion and taxes decrease by $10 billion, then real GDP ________ and the price level ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) does not change; does not change
A firm that has limited liability is classified as a
A) proprietorship. B) partnership. C) partnership or proprietorship. D) corporation.
Which of the following is an example of a deficiency caused by a regulatory approach to pollution?
a. ignored information provided by market signals b. special interest influence on policies c. lack of accountability by regulators for costs of regulation d. all of the above
Which scenario shows how money functions as a means of deferred payment?
a. Lorelai knows that a peach costs $0.50 and a latte costs $5, so a latte is equal to 10 peaches. b. Darius puts money into a savings account and uses it to pay for a vacation at the end of the year. c. Julio gives Patrick $5 and Patrick gives Julio a sandwich in exchange. d. Every month, Candace sends a check for $300 to the company that services her student loans.