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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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
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.
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.
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.