Answer the following statement true (T) or false (F)
1) The demand for labor is a derived demand, whereas the demand for capital is not.
2) The MRP of labor curve is the firm's labor demand curve.
3) Marginal revenue product (MRP) is the change in total product (total output) associated with
hiring an additional unit of labor.
4) A firm should reduce its employment of a resource whose marginal resource cost exceeds its
marginal revenue product.
1) F
2) T
3) F
4) T
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Of money's three functions, the one that distinguishes money from other assets is its function as a
A) store of value. B) unit of account. C) standard of deferred payment. D) medium of exchange.
International comparisons of income inequality indicate that the degree of inequality is greatest in: a. developing countries
b. developed countries. c. countries with a homogeneous population. d. the United States.
What branches of the government play a role in enacting the federal budget?
What will be an ideal response?
Arranging matching charitable contributions will ________ the free-rider problem and lead to a ________ level of contribution to the public good.
A. increase; smaller B. increase; larger C. reduce; smaller D. reduce; larger