Refer to the graph below. It shows the total product (TP) curve. At which point is marginal product smallest?
A. Point a
B. Point b
C. Point c
D. Point d
D. Point d
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If real GDP exceeds potential GDP, then employment is ________ full employment, and the unemployment rate is ________ the natural unemployment rate
A) equal to; below B) above; below C) equal to; equal to D) below; above E) above; above
If the U.S. Postal Service raised its first-class postage rate by 10 percent and found (to its surprise) total receipts from first-class mail service subsequently increased by 10 percent, the demand for first-class mail service would be
A) completely elastic. B) completely inelastic. C) greater than anticipated. D) unit elastic. E) upward sloping.
The United States is best known as a
A) pure price system. B) dictatorship. C) command and control system. D) mixed economic system.
If real output in an economy is 1,000 goods per year, the money supply is $300, and each dollar is spent an average of 4 times per year, then according to the quantity equation, the average price level is
a. 3.33. b. 0.83. c. 1.20. d. 13.33.