Total Product Divided by the Total Quantity of Labor Employed

question 41

Multiple Choice

Total product divided by the total quantity of labor employed equals the

• A) average product of labor.
• B) marginal product of labor.
• C) average total cost.
• D) average variable cost.

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Definitions:

State Banks

Financial institutions chartered by a state to provide banking services.

National Banks

Financial institutions that are chartered by the federal government and play a key role in the country’s financial system and economy.

Discount Rate

The interest rate charged to commercial banks and other financial institutions for the loans they take from the Federal Reserve Bank's lending facility.

Federal Reserve Banks

The 12 regional banks in the Federal Reserve System which serve as the central bank of the United States, responsible for implementing monetary policy, supervising and regulating financial institutions, and providing services to depository institutions, the U.S. government, and foreign official institutions.