The Additional Output Produced by Hiring an Additional Unit of Labor

question 92

Multiple Choice

The additional output produced by hiring an additional unit of labor is known as

• A) the productivity of labor.
• B) the marginal product of labor.
• C) diminishing returns.
• D) the derived demand for labor.

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Definitions:

Full Payment

Completion of payment for a product or service in total, settling all owed amounts without remaining balances.

General Journal

A fundamental accounting ledger where all financial transactions are initially recorded, employing a double-entry system.

Sales Tax

A tax imposed by government on sales of goods and services, collected by the seller and passed on to the government.

Cash Customer

A customer who pays for goods or services with cash at the time of purchase rather than buying on credit.