If ten cases of spring water are sold at a price of $6 each in a perfectly competitive output market and the marginal product of the last unit of labor is 5, then the marginal revenue product of that last unit of labor is
a. $60
b. $30
c. $50
d. $2
e. 60 cents
B
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Economic growth has occurred if inflation rate between this year and last year is zero or less.
Answer the following statement(s) true (T) or false (F)
The incidence of absolute poverty is reduced by
A) annual recalculations of the poverty line. B) government welfare programs. C) economic growth. D) the size of the budget deficit.
How can firms survive in the long run if mandatory retirement is illegal and if firms are stuck with older workers whose productivity might technically have fallen over time?
What will be an ideal response?
Will reducing pollution to zero in a particular industry be economically efficient?
a. Never b. Always c. Yes, as long the marginal costs of pollution reduction exceed the marginal benefits d. Yes, as long as the marginal benefits of pollution reduction exceed the marginal costs e. Yes, as long as the total benefits of pollution reduction exceed the total costs