The marginal physical product of labor is
A) The additional revenue received by the firm by selling the out of one additional worker.
B) The output which labor could produce without other factors of production.
C) The amount of extra output that is produced when one extra worker is added and other factors of production are held constant.
D) The amount of extra output that is produced when one worker is added and other factors of production are increased proportionally.
Answer: C
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High expected inflation leads to ________ increases in wages and costs and to ________ actual inflation.
A. small; high B. large; low C. large; high D. small; low
As a general rule, an increase in the capital available to a society
A. reduces the slope of the production possibilities frontier, making it shallower. B. increases the slope of the production possibilities frontier, making it steeper. C. shifts the production possibilities frontier outward, away from the origin. D. shifts the production possibilities frontier inward, toward the origin. E. makes the production possibilities frontier more bowed out.
To practice third-degree price discrimination, each of these market conditions must be met except which one?
A) The firm must have market power. B) No arbitrage opportunities can exist between customer groups. C) Different groups of customers with equal own price elasticities of demand must exist. D) Different groups of customers with different own price elasticities of demand must exist.
Which of the following factors pushes the per-worker production function of an economy downward?
a. A stable political environment b. A high risk of terror attack c. An increase in educated workforce in the country d. An increase in road networks in the country e. A law encouraging foreign investment