The marginal revenue product of labor is:
a. how much labor can be purchased with the revenue from the sale of one more unit of the good.
b. how much does the marginal revenue change when you add more labor.
c. the same as the marginal revenue product of capital in equilibrium.
d. determined by the wage rate.
e. the contribution to total revenue made by the marginal laborer.
e
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In the figure above, the shift in the supply curve for U.S. dollars from S0 to S1 could occur when
A) the U.S. interest rate rises. B) foreign interest rates rise. C) the expected future exchange rate falls. D) the current exchange rate rises.
In the foreign exchange market, U.S. residents wishing to purchase foreign exports or foreign real and financial assets must:
A) demand U.S. dollars by supplying foreign currency. B) demand U.S. dollars by supplying U.S. dollars. C) supply U.S. dollars by demanding foreign currency. D) none of the above.
Demand price elasticity is measured by the:
a. percentage change in income / percentage change in price. b. percentage change in quantity demanded / percentage change in income. c. percentage change in price / percentage change in quantity demanded. d. percentage change in quantity demanded / percent change in price. e. percentage change in total revenue / percentage change in price.
Empirical evidence on the U.S. economy suggests that household spending and income have an inverse relationship
a. True b. False Indicate whether the statement is true or false