The marginal product of labor can be defined as:
a. the change in profit divided by the change in labor, other factors of production held constant
b. the change in total output provided by a one unit increase in labor employed, other factors of production held constant.
c. the total output divided by the total labor utilized.
d. the change in labor utilized divided by the change in total output, other factors of production held constant.
b
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Suppose the labor force in Tiny Town is 100 people. If the ________ in Tiny Town is 150 people, the labor force participation rate equals ________ multiplied by 100
A) working age population; 100/150 B) working age population; 100/250 C) number of employed persons; 100/250 D) number of employed persons; 100/150
Which of the following items results in an increase in the economy's measured GDP ceteris paribus?
a. more leisure time b. higher quality goods c. cleaner air d. increased medical expenditures e. reduced workplace accidents