The marginal physical product of labor is the
A. wage that must be paid to labor.
B. change in output generated by a unit change in labor.
C. total output divided by the number of labor employed.
D. value of sales divided by additional labor used.
Answer: B
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If a bank needs to raise the amount of capital relative to assets, a bank manager might choose to
A) buy back bank stock. B) pay higher dividends. C) shrink the size of the bank. D) sell securities the bank owns and put the funds into the reserve account.
An increase in government spending, other things constant, will cause a: a. leftward shift of the aggregate supply curve
b. rightward shift of the aggregate supply curve. c. leftward shift of the aggregate demand curve. d. rightward shift of the aggregate demand curve. e. downward movement along the aggregate supply curve.
The Ricardian model (with constant opportunity costs) predicts that a nation will ______________ in the production of the good it exports.
a. have a comparative disadvantage b. develop shortages c. lower the cost of production d. specialize completely
Explain and evaluate this statement: “No tax on income can be a just tax unless it leaves individuals in the same relative condition in which it found them.”
What will be an ideal response?