The marginal cost of labor is not
a. change in TLC/change in L
b. equal to the marginal revenue product of labor when the employer completes the hiring process
c. the change in total labor cost that results from employing an additional worker
d. equal to the wage rate in a perfectly competitive market that is in equilibrium
e. the marginal contribution of an additional worker to firm's revenues
E
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According to the classical model, if there are too many elementary school teachers in the labor market,
a. the government should institute a retraining program to give the unemployed teachers new job skills b. the wages for elementary teachers will fall, eventually causing the number of excess teachers to shrink c. the wage for elementary teachers will increase for those who are employed, but unemployment of teachers will remain high d. this situation provides an example of cyclical unemployment, which often occurs in the long run e. people will quit training to become elementary school teachers and soon there will be a shortage in this labor market
Last year Christine worked as a consultant. She hired an administrative assistant for $15,000 per year and rented office space (utilities included) for $3,000 per month. Her total revenue for the year was $100,000. If Christine hadn't worked as a consultant, she would have worked at a real estate firm earning $40,000 a year.Last year, Christine's explicit costs were ________, and her implicit costs were ________.
A. $51,000; $40,000 B. $18,000; $40,000 C. $36,000; $140,000 D. $15,000; $43,000
The consumer price index measures the cost of:
A. a changing basket of goods and services. B. all goods and services purchased by consumers. C. a fixed basket of goods and services. D. goods and services required to live above the poverty level.
If the economy is at full employment and war breaks out, we would move from
A. W to X.
B. X to W.
C. X to Y.
D. Y to X.