Marginal revenue product is defined as
a. the total revenue generated by inputs
b. the additional output produced by one additional unit of a resource, other things constant
c. the marginal revenue from each unit of output
d. the total revenue divided by the number of resources employed
e. the additional revenue generated by one additional unit of a resource, other things constant
E
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There will be gains from trade when
A. the buyer values a product more highly than the seller. B. money is used as a medium of exchange. C. both the buyer and the seller attach the same value to the product. D. the buyer values a product less highly than the seller.
The recession of 1973-1975 was unusual in that both inflation and unemployment increased at the same time. This suggests that the primary cause of the recession was an
a. inward shift of the aggregate demand curve. b. outward shift of the aggregate supply curve. c. inward shift of the aggregate supply curve. d. outward shift of the aggregate demand curve.
The CPI and the GDP deflator
a. generally move together. b. generally show different patterns of movement. c. always show identical changes. d. always show different patterns of movement.
The exchange rate of the dollar relative to other currencies is determined by market forces. When equilibrium is present in the exchange rate market,
A) the purchases of Americans from foreigners will be equal to the sales of Americans to foreigners. B) imports from foreigners will create jobs in other countries but employment in the United States will decline by an equal amount. C) the gains of Americans from international trade will be just equal to the gains of foreigners from the trade. D) Americans will gain from the international trade only if foreigners lose an equal amount.