Which categories of people are excluded while estimating the number of potential workers in the United States?
What will be an ideal response?
There are three categories of people who are excluded while estimating the number of potential adult workers in the United States. These are:
a) Children under 16 years of age
b) People on active duty in the military
c) Institutionalized people
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For providing their resources to firms, workers, loanable funds' suppliers, landowners, and entrepreneurs, receive (in the same order)
a. wages, rent, profit, and interest b. wages, interest, rent, and profit c. wages, profit, rent, and interest d. wages, interest, profit, and rent e. profit, rent, interest, and wages
What happens to marginal productivity as workers who are equally good at their job are added to a firm?
a. The increase in workers will eventually cause marginal product to fall. b. Marginal product will rise at a steady rate. c. Marginal product will neither rise nor fall. d. Product quality will improve as the new workers gain experience.