The marginal product of labor is the change in
A) total cost from employing one more worker.
B) total revenue from employing one more worker.
C) average product from employing one more worker.
D) total output from employing one more worker.
E) total output divided by the change in cost from employing one more worker.
D
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Because of automatic stabilizers, in recessions the government budget deficit ________, while in expansions the deficit ________
A) falls; rises B) falls; falls C) rises; falls D) rises; rises
If money demand does not depend upon income, then
a. monetary policy cannot have any effect upon the economy. b. monetary policy will only affect the level of the price level. c. monetary policy will only affect interest rates. d. monetary policy will have a larger impact on income.
Refer to Figure 9.8. A $50 tariff would result in domestic consumption of
A) 600, domestic production of 100, and imports of 500. B) 500, domestic production of 200, and imports of 300. C) 400, domestic production of 300, and imports of 100. D) 300, domestic production of 400, and exports of 100. E) 200, domestic production of 500, and exports of 300.
According to the rational expectations theory, monetary policy is fully anticipated and therefore only affects: a. the level of real GDP
b. the level of real investment. c. the price level. d. the level of real consumption. e. the level of exports.