Marginal revenue product of labor is defined as the additional
a. output a firm would receive after hiring one more unit of resource
b. cost of hiring one more unit of resource
c. revenue earned by selling one more unit of product
d. revenue earned by hiring one more unit of labor
e. output received by spending one more dollar on resources
D
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Which of the following increases the quantity supplied of compact discs but does NOT increase the supply of compact discs?
A) new technology that lowers the cost of producing compact discs B) a decrease in the price of a compact disc C) an increase in the price of a compact disc D) a decrease in the number of suppliers of compact discs E) an increase in the price of the resources used to produce compact discs
When the nominal interest rate rises, the quantity of money demanded decreases because
A) people will buy fewer goods and hence hold less money. B) the price level also rises and people decrease their demand for money. C) people shift funds from interest-bearing assets into money. D) people shift funds from money holdings to interest-bearing assets.
The elasticity of supply of product X is unitary if the price of X rises by:
A. 5 percent and quantity supplied rises by 7 percent. B. 8 percent and quantity supplied rises by 8 percent. C. 10 percent and quantity supplied stays the same. D. 7 percent and quantity supplied rises by 5 percent.
Refer to the information provided in Figure 20.2 below to answer the question(s) that follow.
Figure 20.2Refer to Figure 20.2. The United States has an absolute advantage in producing
A. neither cars nor trucks. B. cars. C. both cars and trucks. D. trucks.