The additional revenue earned from hiring one more worker is known as the
A) marginal physical product of labor.
B) marginal revenue product of labor.
C) marginal factor cost of labor.
D) marginal utility of labor.
Answer: B
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Suppose the economy is in long-run equilibrium. In a short span of time, there is a large emigration of skilled workers, a major depletion of oil fields, and a major new regulation limiting electricity production. In the short run, we would expect
a) the price level to rise and real GDP to fall. b) the price level and real GDP both to rise. c) the price level to fall and real GDP to rise. d) the price level and real GDP both to stay the same.
Jim has $600 a week to spend on clothing and food. The price of clothing is $30 and the price of food is $5. The clothing and food pairs in Jim's choice set include ________ units of clothing and ________ units of food.
A. 10; 60 B. 0; 200 C. 15; 70 D. 20; 50