The change in a firm's total revenue that results from hiring an additional worker is measured by:
A. the marginal product.
B. the marginal revenue.
C. the marginal revenue product.
D. the average revenue product.
Answer: C
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When production efficiency does NOT occur,
i. an economy is producing at a point within its PPF. ii. there are unemployed resources. iii. allocative efficiency cannot occur. A) i only B) i and ii C) iii only D) i and iii E) i, ii, and iii
How does the idea of a leaky bucket relate to the study of income distribution?
Diminishing marginal product occurs when
a. the marginal product of an input increases as the quantity of the input increases. b. the marginal product of an input decreases as the quantity of the input increases. c. total output increases as the quantity of an input increases. d. total output decreases as the quantity of an input increases.
Which is not a factor that generates return and/or repeat migration flows?
A. A worker lands a job after the move that pays a wage that is much greater than originally expected. B. A worker realizes after the move that she or he does not like the weather in the new location. C. A worker realizes after the move that the monetary and psychic costs of moving are not as large as she or he originally calculated. D. A worker realizes after the move that she or he miscalculated labor market opportunities in the new location. E. A worker moved initially in order to move up the career ladder in her or his company.