The change in total output due to the change in one variable input, while holding all other inputs constant, is the
A) marginal revenue product.
B) derived demand for labor.
C) marginal physical product.
D) market demand curve for labor.
Answer: C
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Refer to the scenario above. If the fourth household pays the lowest percentage of its income as tax, it can be inferred that the government follows a ________ tax system
A) progressive B) proportional C) cardinal D) regressive
An effective import quota is one that
a. reduces imports to zero b. increases exports c. reduces the price of an imported good below the world price d. limits imports to less than what would be imported under free trade e. reduces demand for a good to zero
Empirical research seems to verify that:
A. the rate of inflation seems to vary directly with the amount of central bank independence. B. countries that have high rates of inflation seem to have central banks with low levels of independence. C. there is no relationship between the independence of central banks and rates of inflation. D. countries that have less independent central banks experience lower rates of inflation.
Michigan Radio is the state's most listened-to public radio service, attracting approximately 400,000 listeners each week and is funded through listener donations
If Michigan Radio suffers from the free-rider problem then the market would provide an ________ quantity of the public good. A) efficiently small B) efficiently large C) inefficiently small D) inefficiently large