Which of the following is the most accurate definition of a worker's marginal revenue product?
A. The change in the firm's profits as the result of hiring an additional worker.
B. The change in the firm's total revenue as the result of hiring an additional worker.
C. The change in the firm's output as the result of hiring an additional worker.
D. The change in the firm's cost as the result of hiring an additional worker.
Answer: B
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If Utopia has a closed economy, the number of cases of tile consumed each is ________ per year, and if it has an open economy the number of cases of tile consumed is ________ per year. 
A. 300; 200 B. 300; 450 C. 450; 200 D. 200; 450
A firm uses labor and capital in its production process, and it faces competitive markets for its inputs and output. The firm's long-run labor demand curve
A) intersects with the short-run labor demand curve in several points. B) is exactly identical to its short-run labor demand curve. C) is steeper than its short-run labor demand curve. D) is flatter than its short-run labor demand curve.
Households are vital to the circular flow model in what two ways?
A. They supply factors of production and purchase goods and services. B. They vote for political officers and pay taxes. C. They facilitate exchange between consumers and firms. D. They export goods and services and import goods and services.
If the yield curve has a mild upward slope, the liquidity premium theory (assuming a mild preference for shorter-term bonds) indicates that the market is predicting
A) a rise in short-term interest rates in the near future and a decline further out in the future. B) constant short-term interest rates in the near future and further out in the future. C) a decline in short-term interest rates in the near future and a rise further out in the future. D) a decline in short-term interest rates in the near future and an even steeper decline further out in the future.