Average Product of Labor Measures

question 2

Multiple Choice

Average product of labor measures:

• A)the addition to total output when an additional worker is hired.
• B)total product divided by total cost.
• C)the marginal product of the last worker multiplied by the wage rate.
• D)total product divided by the wage rate.
• E)total product divided by the quantity of labor.

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Definitions:

Homestead

A dwelling with its land and buildings, occupied by the owner as a home and typically used for agriculture or similar purposes.

Great Britain

A sovereign state located off the north-western coast of continental Europe, comprising England, Scotland, and Wales.

Commercial Capitalism

An economic system characterized by private ownership of assets and a market-driven economy where goods are produced and sold for profit.

Financial Capitalism

An economic system where financial markets play a critical role in determining the allocation of capital, the pricing of assets, and the management of economic risks.