The increase in output that is generated by an additional unit of input is called the:
A. input-output relationship.
B. production function.
C. resource product.
D. marginal product.
D. marginal product.
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In the long run, an increase in the quantity of money ________ the value of money and ________ the price level
A) raises; does not change B) lowers; does not change C) lowers; lowers D) raises; raises E) lowers; raises
As a fishing firm hires its first, second, and third workers, it could find that marginal product actually rises. The reason for this is
a. diminishing returns have set in b. the division of labor creates greater productivity c. the firm has hired another boat d. all tasks are shared by all workers e. less qualified workers are becoming available
Which of the following is not a tool of monetary policy?
a. open market operations b. reserve requirements c. changing the discount rate d. increasing the government budget deficit
Which of the following represents an accurate situation for a perfectly competitive firm?
A. P = $16 and MR = $0 B. P = $5 and MR = $7 C. P = $9 and MR = $9 D. P = $12 and MR = $8