As the quantity of labor increases while the amount of other inputs are held constant, marginal product of labor will
A. decrease continuously.
B. increase continuously.
C. initially decrease and then increase.
D. initially increase and then decrease.
Answer: D
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In some developing countries, labor productivity has remained stagnant or fallen because
a. the capital stock has grown at about the same rate or more slowly than the population b. the capital stock has grown faster than the population c. the population has decreased d. foreign labor has been utilized e. wages have dropped
Once a firm's marginal revenue curve is known, the output level can be determined
a. True b. False Indicate whether the statement is true or false
You decide to go skiing this weekend. It costs $50 for transportation, $50 for lodging, $30 for ski lift tickets and you could have earned $100 as a waiter at a job you love so much you would do it as a volunteer. What is the total cost of the ski weekend?
A. $100 B. $230 C. $130 D. $80
A quantity measured in physical terms is called a ________ quantity.
A. relative B. real C. current D. nominal