The marginal physical product of labor is not
a. the change in output that results from employing an additional worker
b. the average productivity of each worker employed
c. the marginal contribution to output of each additional worker
d. a measure of the contribution of an additional worker to output
e. usually increasing at an increasing rate for the first units of labor used in production
B
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A production quota set below the equilibrium quantity creates
A) a decrease in supply B) a decrease in marginal cost C) a rise in price D) inefficient underproduction E) all of the above
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.