_____________is the extra output or change in the total product caused by the addition of one more unit of variable output.
Fill in the blank(s) with the appropriate word(s).
Ans: marginal product
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
When Americans or foreigners expect the return on dollar assets to be high relative to the return on foreign assets, there is a ________ demand for dollar assets and a correspondingly ________ demand for foreign assets
A) higher; higher B) higher; lower C) lower; higher D) lower; lower
Sources of stress include all but which of the following:
a. Hurricanes, tornadoes, floods and other such natural events b. Angry family members and friends c. Clutter, mental and physical d. All of the above are potential sources of stress
The electric power company in a city increased its prices by 15% this year. Since the demand for electricity is a(n) ________ demand in the short run, the equilibrium price will ________.
A. inelastic; greatly increase B. elastic; decrease C. inelastic; decrease