Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____
a. marginal cost
b. variable cost
c. marginal rate of technical substitution
d. total cost
e. none of the above
d
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The Asian Development Bank has been investing in education and training programs in the developing economies of Asia over the last five years. As a result of this investment, economists who adhere to the human capital view of education would predict
a. rising wages as labor productivity is enhanced. b. falling wages as the labor market is saturated with too many educated workers. c. the marginal productivity of capital would not be affected. d. the marginal productivity of labor would not be affected.
An increase in the demand for union labor ________ , so there is no need to restrict labor supply or to ration jobs among union members
a. has no impact on wage and employment b. leads to higher employment and lower wage c. leads to higher wage and employment d. leads to lower wage and employment