Have you read Freakonomics? A)No, never heard of it. B)I’ve heard of it, but never read it. C)I have read parts of it. D)I read the whole thing.

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Presentation transcript:

Have you read Freakonomics? A)No, never heard of it. B)I’ve heard of it, but never read it. C)I have read parts of it. D)I read the whole thing.

The marginal product of labor is the A)Amount of output divided by amount of labor input. B)Amount of output if only one unit of labor is used. C)Extra output gained from adding one unit of labor. D)Amount of time it takes to produce one unit of output.

What is the marginal product of labor if 4 units of labor are currently used? No of workersOutput A)6 B)5 C)30 D)7 E)2

If a legal minimum wage is set higher than the equilibrium wage A) There will be an excess supply of labor at minimum wage. B) There will be excess demand for labor at minimum wage. C) Supply of labor will equal demand for labor at minimum wage.