The marginal product of labor can be defined as the change in
a. profit divided by the change in labor.
b. output divided by the change in labor.
c. labor divided by the change in output.
d. labor divided by the change in total cost.
b
Economics
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Schumpeter asserts all of the following except
(a) A strong middle class fosters growth in society's entrepreneurial base. (b) Entrepreneurs are the leading force behind technological advancement. (c) Invention and innovation are unnecessary in a growing economy. (d) Secured property rights encourage risk-taking entrepreneurial behaviors.
Economics
Which of the following best states the main criticism of the Sherman Act?
a. It was overly harsh. b. It was unnecessary at the time. c. It was too vague. d. It duplicated existing law. e. It came too late in the Industrial Revolution.
Economics