More complementary resources would ____________ the productivity and the marginal revenue product of labor.
A. tend to raise
B. tend to lower
C. not effect
A. tend to raise
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When you throw trash out your car window you are creating a
a. consumption external cost b. production external cost c. consumption external benefit d. production external benefit e. a selfish act
Suppose Wrentham Gold Miners & Co chooses the quantity of gold each of its mines will produce over the next 12 months. Assuming the market price of gold remains constant over the period, identify the correct statement about the firm's total revenue. a. Total revenue will vary with the price charged by the firm
b. Total revenue will be maximized when market price is less than average variable cost. c. The total revenue curve of the firm will be U-shaped. d. Total revenue will vary with the quantity produced by the firm.
Workers typically require higher wages in order to work additional hours because of the
A. Increasing opportunity cost of labor. B. Increasing marginal utility of income. C. Constant marginal utility of income. D. Decreasing value of leisure time forgone.
There is a recessionary gap when
A. equilibrium GDP is equal to full employment GDP. B. equilibrium GDP is smaller than full employment GDP. C. equilibrium GDP is larger than full employment GDP. D. None of the choices are correct.