The change in total revenue that results from employing one more unit of labor is called the
A) wage rate.
B) value of marginal product of labor.
C) average revenue.
D) marginal product of labor.
B
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If in market equilibrium the true marginal cost of producing a good exceeds the marginal cost incurred by the firm,
a. not enough of the product is being produced. b. the price charged for the good is too high. c. the good produces a positive externality. d. the good produces a negative externality. e. the government should produce the good.
For the purposes of calculating GDP using the expenditure approach, which of the following is not included in the government purchases account?
A. The government's purchase of a computer B. The payroll of the federal government C. Government purchases of pencils D. Welfare payments to the poor
When considering whether to migrate to a particular location, one calculates the present value of living in that location. How does one best calculate the present value of living in a location?
A. Determine the starting wage one will earn in the location. B. Sum up the annual incomes one will earn in the location. C. Subtract one's wage in the new location from the starting wage in the current location. D. Sum the annual discounted incomes one will earn in the location. E. Subtract one's wage in the current location from the starting wage in the new location.
Instruments that can be used to control overuse of a common resource include
A. privatizing the resource. B. taxes. C. standards. D. all of the above