Determinants of the marginal productivity of labor include all of the following EXCEPT
A. location.
B. education.
C. talent.
D. experience.
Answer: A
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To determine the real interest rate in the data, one should take the interest rate on government debt
A) and leave it at that. B) and add the inflation rate. C) and subtract the inflation rate. D) and divide by the inflation rate.
In the next several decades, the dependency ratio relevant to the Social Security system is expected to ________
A) remain largely unchanged B) rise C) fall D) fluctuate unpredictably
If a monopolist has an output price of $10, marginal revenue equal to $4, and faces a fixed wage rate of $8, then the monopolist should hire labor until the marginal revenue product is equal to
A) $10. B) $4. C) $8. D) $14.
Lula Panagis, a bright new Ph.D. in economics, turned down many job offers because she hopes eventually to receive an offer from one of the top 10 universities. The type of unemployment she is experiencing is
a. frictional b. structural c. involuntary d. cyclical e. underemployment