Gross domestic product includes all
a. legal and illegal final goods, but it excludes all legal and illegal final services.
b. legal and illegal final goods and all legal and illegal final services.
c. legal final goods and services, but it excludes illegal final goods and services.
d. legal and illegal final goods and legal final services, but it excludes illegal final services.
c
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Marginal productivity theory would suggest that
A) all workers should be paid the same wage. B) higher productivity will increase the market wage of an individual. C) labor demand will have no impact on the wage paid. D) workers cannot do anything to improve their wage prospects for the future.
If the cost of labor increases, the isocost line will
A) stay the same. B) shift outward in parallel fashion. C) rotate inward around the point where only capital is employed in production. D) shift inward in parallel fashion.