Assume the total product of three workers is 120 and the total product of four workers is 160. The average product of four workers is ________, and the marginal product of the fourth worker is ________.
A. 40; 40
B. 10; 40
C. 30; 10
D. 160; 40
Answer: A
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The MU/P equalization principle means consumers will exhaust their expenditure budget so that, in the end, the MU/P ratio is:
a. zero for each good. b. higher for goods the consumer wants the most. c. maximized for the goods the consumer wants the most. d. higher than TU/P. e. the same for each good.
If the Japanese price level falls relative to the price level in the United States, then:
a. Japanese buy less U.S. exports. b. the demand for dollars decreases. c. the supply of dollars increases. d. the value of the dollar falls. e. all of these are true.
According to real business cycle theorists, if the long-run aggregate supply (LRAS) curve shifts to the left, Real GDP __________, the price level __________, the demand for labor __________, money wages __________, real wages __________, and workers choose to work __________
A) falls; falls; rises; fall; fall; less B) falls; rises; rises; fall; rise; more C) falls; rises; falls; fall; fall; less D) rises; rises; falls; fall; rise; more E) rises; falls; rises; fall; fall; more
An inflation shock that shifts the short-run aggregate supply curve leftward and leaves the long-run supply curve unchanged means the economy's potential level of output will:
A. increase. B. decrease. C. decrease only if monetary policymakers do not respond. D. not change.