The Additional Revenue Associated with Hiring One Additional Unit of Some

question 56

Multiple Choice

The additional revenue associated with hiring one additional unit of some factor input, such as labor, is called

• A) marginal cost.
• B) marginal revenue product.
• C) marginal factor cost.
• D) marginal physical product.

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Definitions:

Federal Government

The national government of a federation, which holds the authority to govern issues that affect the entire country, contrasted with state or local governments.

Individual Freedoms

The rights and liberties that can be claimed by individuals by virtue of being human; often include freedom of speech, religion, and the press.

Dred Scott v. Sandford

A landmark Supreme Court case in 1857 which held that African Americans, whether enslaved or free, could not be American citizens and therefore had no standing to sue in federal court.