The MRP of labor will shift to the left if
A) labor productivity increases.
B) labor productivity decreases.
C) wages increase.
D) wages decrease.
Answer: B
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For a competitive buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit. B) is less than the average expenditure per unit. C) equals the average expenditure per unit. D) any of the above could be true.
The slope of the consumption schedule between two points on the schedule is
A. the ratio of the change in consumption to the change in disposable income between those two points. B. equivalent to the average propensity to consume. C. equivalent to one plus the marginal propensity to save. D. the ratio of the change in disposable income over the change in consumption between those two points.