Technological progress occurs when the economy gets more output
A) without any more capital or labor. B) by using more capital but not more workers.
C) by using more capital per worker. D) by using more labor but not more capital.
A
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If a union cannot increase the demand for union labor, then an increase in union wages will result in a decrease in union employment
Indicate whether the statement is true or false
The marginal product of labor (MPL) is given by the ________
A) labor share of income + average output per unit of labor B) labor share of income - average output per unit of labor C) labor share of income ÷ average output per unit of labor D) labor share of income × average output per unit of labor E) none of the above
Which of the following statements describes the presence of diminishing returns? All else equal,
a. Marginal product curve is constant b. Marginal product curve is falling and negative c. Marginal product curve is positive and rising d. Marginal product curve is positive and falling
The basic requirement for an item to function as money is that it be:
A. Backed by precious metals—gold or silver B. Authorized as legal tender by the central government C. Generally accepted as a medium of exchange D. Some form of debt or credit