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D labor markets
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Notes to the students: The concept of “Marginal Physical Product – MPP” in this problem set is exactly the same that of “Marginal Productivity – MP” in the lecture Multiple Choice Questions 1. Which of the following are factors of production? A. Output in a production function B. Productivity C. Land, labor, capital, and entrepreneurship D. Implicit and explicit costs
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The Incentive Effects of Social Policies on Education and Labor Markets Several specification tests and alternative data sets fail to reveal important biases in the basic models. Several specification tests and alternative data sets fail to reveal important biases in the basic models.
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