Which of the following statements best describes one of the schools of thought regarding the “new economy” controversy?
a. Increased military spending post-9/11 has contributed to the growth in U.S. productivity.
b. Extraordinary advances in communications and information technology have contributed to the growth in U.S. productivity.
c. The increase in immigration has contributed to the growth in U.S. productivity.
d. The aging U.S. population has contributed to the growth in U.S. productivity.
b. Extraordinary advances in communications and information technology have contributed to the growth in U.S. productivity.
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If the wage that a competitive firm must pay its workers exceeds their value of marginal product, the firm will
A) decrease the quantity of labor it employs. B) increase the quantity of labor it employs. C) lower the price of the good. D) raise the price of the good.
Marginal revenue product is defined as the
a. change in total output that results from the employment of an additional unit of a resource b. change in total product that results from the employment of an additional unit of a resource c. change in total revenue that results from the employment of an additional unit of a resource d. change in resource employment that results from a change in total output e. change in marginal revenue that results from a change in the employment of an additional unit of a resource