The marginal physical product (MPP) is calculated by
A) dividing total physical product by labor.
B) dividing the change in total physical product by the change in the input.
C) dividing the change in total cost by the change in labor.
D) the difference between the output of skilled and unskilled workers.
B
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Ralph is a plumber. Which of the following are included in his human capital?
a. the knowledge he learned on the job, and the tools he uses b. the knowledge he learned on the job, but not the tools he uses c. the tools he uses, but not the knowledge he learned on the job d. neither the knowledge he learned on the job nor the tools he uses
Assume there is no way to prevent someone from using an interstate highway, regardless of whether or not he or she helps pay for it. This characteristic is called:
A. Nonrivalry B. Nonexcludability C. Nontaxability D. Nondiscrimination
A sudden massive reduction in the availability of chocolate will likely cause the price of chocolate to ________, which will ________ the quantity of chocolate demanded by consumers
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Phil Harrison is a welder who works on skyscrapers and extension bridges. Phil's brother William is also a welder but he works in a manufacturing plant where he does all of his welding on ground level
Which of the following would not explain why Phil earns a higher wage than his brother? A) cognitive dissonance B) Phil's marginal revenue product is greater than William's marginal revenue product. C) Phil has greater experience as a welder than his brother has. D) Phil's job is more hazardous than William's job.