The marginal product of labor is equal to the
A) total product divided by the total number of workers hired.
B) increase in the total product that results from hiring one more worker with all other inputs remaining the same.
C) slope of the marginal product of labor curve.
D) None of the above answers are correct.
B
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If a customer deposits $10,000 in currency into a checking account, the bank's total reserves ________
A) increase B) do not change C) are greater than 100 percent D) decrease
In the 1960s and 1970s the U.S. passed several major consumer safety laws, including the Flammable Fabrics Act and the Child Protection Act. The economic impact of such legislation may include all of the following except:
a. reducing the price of the regulated product. b. increasing the cost of producing the regulated product. c. reducing the supply of the regulated product. d. reducing competition within the regulated industry.
If living standards in a country, as measured by output per person, increase, then total output must have:
A. decreased more rapidly than population decreased. B. increased at the same rate that population increased. C. increased more slowly than population increased. D. increased more rapidly than population increased.
What is one result of the Medicare subsidy?
A. The elderly population in the United States receives a lower quality of medical care than what is provided for the elderly population in other countries. B. Patients may elect to have some treatments that are of low value to them but that are costly to provide. C. The health care industry is more efficient than it otherwise would be. D. The number of physicians in the United States has declined.