The Average Product of Labor is
A) the change in total product resulting from an extra unit of labor, holding other factors constant.
B) the ratio of output to the number of workers used to produce that output.
C) the amount of output that can be produced by a given amount of labor.
D) equal to the marginal product of labor when the average product is increasing.
B
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In the neoclassical growth model without technological progress, the steady-state growth rate of per capita output is
a. the growth of technology plus the growth of population. b. the growth of population. c. the growth of technology. d. the growth of technology plus population plus depreciation.
Speculative attacks against a currency are caused by fears of:
A. monetary policy tightening. B. exchange rate revaluations. C. exchange rate devaluations. D. balance-of-payments surpluses.