When labor is the only input a firm uses, the marginal cost of a unit of output can be defined as the
a. marginal revenue multiplied by the wage.
b. marginal product of labor multiplied by the wage.
c. marginal product of labor divided by the wage.
d. None of the above is correct.
d
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Which of the following would increase the consumption component of U.S. GDP?
A. A business purchases Disney World vacations as rewards for the firm's best salespeople. B. Disney World purchases tires for the monorail from a firm in Ohio. C. A French man purchases a vacation at a Disney theme park in France. D. You purchase a vacation at Disney World in Florida.
Of the following, the largest source of tax revenue collected by state and local governments comes from
A) individual income taxes. B) lottery revenues. C) corporate income taxes. D) death taxes. E) sales taxes.
Refer to the above table. If the price is $6 the maximum profit this firm could earn is
A) $210. B) $414. C) $420. D) $630.
All of the following are true of models except:
a. they simplify reality. b. they are good if they make predictions that align with real world observations. c. they are used exclusively by economists. d. supply/demand analysis is an example of a model.