Marginal labor cost is defined as the addition to
a. output a firm would receive after hiring one more laborer
b. total cost from hiring one more laborer
c. revenue earned by selling one more unit of a good
d. revenue earned by hiring one more laborer
e. output received by spending one more dollar on labor
B
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All of the following are arguments in support of protectionist legislation except:
A. increasing global trade. B. supporting infant industries. C. preserving domestic employment. D. promoting national security.
In the perfectly competitive market, all firms in the market are assumed to be producing:
a. identical products. b. differentiated products. c. products that are heavily advertised. d. complementary products.
In the Keynesian model in the long run, an increase in taxes causes the price level to ________ and the real interest rate to ________
A) fall; rise B) fall; fall C) rise; rise D) rise; fall
If Don has budget constraint C in the graph shown, what is the trade-off he faces in terms of the two goods?
This graph shows three different budget constraints: A, B, and C.
A. Two cases of soda for every three gallons of milk
B. One case of soda for every one and a half gallons of milk
C. Three cases of soda for every four and a half gallons of milk
D. All of these accurately reflect Don's tradeoff.