The extra production gained by employing one more worker is called the:
A. opportunity cost of labor.
B. marginal product of labor.
C. real wage of labor.
D. price of labor.
Answer: A
Economics
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Which of the following can expand the production possibilities frontier?
a. Improved patent laws b. Legal reforms that increase transaction costs c. Reductions in the length of patent protection d. Stringent tax laws for R&D companies e. The advent of a labor deepening technology
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Which tax system requires all taxpayers to pay the same percentage of their income in taxes?
a. a regressive tax b. a proportional tax c. a progressive tax d. a horizontal equity tax
Economics