The addition to revenue obtained from hiring an additional unit of labor is
A) total product.
B) marginal revenue product.
C) marginal factor cost.
D) marginal physical product of labor.
Answer: B
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Which of the following statements is likely to be true according to Okun's Law?
A) The unemployment rate remains constant when the growth rate of real GDP is 0%. B) The unemployment rate remains constant when the growth rate of real GDP is 3%. C) The unemployment rate increases when the growth rate of real GDP is above 3%. D) The unemployment rate declines when the growth rate of real GDP is below 3%.
Which of the following is most likely to shift the potential output of an economy to the right?
a. A decline in the length of the average workweek b. An increase in the supply of educated and skilled workers c. A drought d. An increase in aggregate demand e. An increase in the minimum wage received by workers
Entrepreneurs are vitally important for economic progress because they
A) stick with the tried and true methods rather than experimenting with new ways of doing things. B) innovate and discover new ways of bringing items of value to consumers willing to pay for them. C) rely on price controls to determine the prices charged for the items they bring to market. D) rely on government grants and subsidies for the funding of research and development.
Which of the following efforts did the Clinton administration embrace?
A. Reduction in immigration of highly skilled workers. B. Increase in taxes on capital gains. C. Expansion of the money supply. D. "New Direction" tax increases and spending cuts