The ________ is the product of the marginal product of labor and the price of the output.
A. marginal revenue product
B. average revenue
C. total revenue
D. marginal factor cost
Answer: A
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According to a recent study, college students who graduate during an economic recession end up accepting jobs that, on average, pay ________ less than the jobs accepted by students who graduate during economic expansions, and will continue to earn
less for ________ after they graduate. A) 26%; 5 years B) 9%; 8 to 10 years C) 4%; 3 to 5 D) 17%; 12 to 15
Which of the following statements is true?
A. Competitive firms will respond less to changes in output prices over the long run than they will over the short run because short-run marginal cost is lower than long-run marginal cost. B. Competitive firms will respond more to changes in output prices over the long run than they will over the short run because long-run marginal cost is lower than short-run marginal cost. C. Competitive firms will respond less to changes in output prices over the long run than they will over the short run because long-run marginal cost is lower than short-run marginal cost. D. Competitive firms will respond more to changes in output prices over the long run than they will over the short run because short-run marginal cost is lower than long-run marginal cost.
As inflation drives up prices, people attempt to find substitutes and adjust what they buy. The resulting substitution bias problem causes the CPI to
What will be an ideal response?
The United States has roughly how much of the world's arable land?
A. 12 percent. B. 10 percent. C. 14 percent. D. 8 percent.