Frictional unemployment refers to
short periods of unemployment needed to match jobs and job seekers
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The value of the marginal product of labor is the:
A) value of the output produced by all the workers in a firm. B) contribution of an additional unit of labor to a firm's revenue. C) extra output that is produced by hiring an additional unit of labor. D) amount of output produced by the first unit of labor hired by a firm.
The monetary base is
A) currency and reserves of depository institutions. B) currency minus depository institutions' reserves. C) depository institutions' reserves minus Federal Reserve notes. D) the money borrowed by banks from other banks.
If the government is supplying a public good, the efficient quantity is where the:
A. total social benefit equals the cost. B. marginal social benefit is greater than the cost. C. marginal social benefit equals the cost. D. total social benefit outweighs the total cost.
A firm is currently selling its output for $30 per unit. If the firm reduces the price to $29 in order to boost sales, marginal revenue will
a. equal $30 b. equal $29 c. be between $30 and $29 d. be less than $29 e. exceed $30