The change in output due to one unit change in labor usage, the level of usage of other inputs remaining unchanged, is called:
a. the average product of labor.
b. the total product of labor.
c. the marginal revenue product.
d. the marginal product of labor.
d
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The uncertainty costs of inflation cause people to
A) incur more shoe leather costs. B) increase their demand for money. C) focus on the long run, which increases investment and speeds growth. D) focus on the short run, which decreases investment and slows growth. E) increase investment causing economic growth to decrease.
When the labor market is at full employment
A) real GDP equals potential GDP. B) the price level is stable. C) the price level equals the potential price level. D) the short run aggregate supply curve is horizontal.
A deficit in the current account means:
a. Actually, a deficit in the current account is impossible. It must equal zero. b. Imports of goods and services exceed exports of goods and services. c. The sum of the financial and capital accounts is positive. d. The sum of exports of goods and services plus net international income is negative. e. The sum of the financial, capital, and reserve accounts is positive.
Refer to the information provided in Figure 23.2 below to answer the question(s) that follow.
Figure 23.2Refer to Figure 23.2. Positive saving occurs along the line segment
A. BC. B. DC. C. BA. D. AC.