If a firm employs an extra unit of labor, the additional product generated by employing the extra unit of labor is
A) the marginal physical product of labor.
B) the diminished marginal product.
C) marginal revenue.
D) total product.
Answer: A
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During a recession, profit-oriented banks would be prone to reduce the money supply by increasing their excess reserves and declining to lend to less creditworthy applicants.
Answer the following statement true (T) or false (F)
One major challenge of the Canadian National Health Insurance System is
a. there is more access to medical technology in Canada. b. The population density differences in the country. c. the monopsony power of the Canadian provincial health plans in negotiating fees with physicians' associations. d. the fact that there is no large inner-city population in Canada to drive up costs. e. all of the above.
Refer to the accompanying figure. At point D, the opportunity cost of making milk is:
A. high because productive resources that are better-suited to making movies are being used to make milk. B. low because the economy is specializing in making milk. C. high because productive resources that are better-suited to making movies are not being used to make milk. D. high because the economy is not operating efficiently.
A mismatch between the geographic location of workers and the location of job openings would result in which type of unemployment?
A. wait B. cyclical C. structural D. frictional