The marginal product of labor is defined as
A) the change in output that a firm produces as a result of hiring one more worker.
B) the additional labor cost of producing one more unit of output.
C) the change in total revenue that results when an additional unit of a labor is hired.
D) the additional labor required to produce one more unit of output.
A
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Suppose one goal of the tax system was to achieve vertical equity. While people may disagree about what is "equitable," based on the marginal tax rates given for the two years, which of the following statements is true?
a. Vertical equity is possible in both years. b. Vertical equity is possible in 2009 but not in 2010. c. Vertical equity is not possible in 2009 but is possible in 2010. d. Vertical equity is not possible in either year.
The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, after taking account of the resources lost in search, what area is equal to the consumer surplus?
A) area A B) area B C) area C D) area D E) area E
Based on the figure above, as a result of international trade, consumer surplus
A) increases by $150 million. B) decreases by $150 million. C) increases by $90 million. D) decreases by $90 million. E) remains unchanged.
Suppose that the total labor force is 100 individuals with 10 unemployed. The unemployment rate is ________. Now assume that 10 people drop out of the labor force and that 10 remain unemployed. The new unemployment rate is ________
A) 9 percent; 10 percent B) 10 percent; 9 percent C) 10 percent; 11 percent D) 11 percent; 10 percent