The marginal product of any input is the
a. increase in total cost associated with a one-unit increase in production.
b. change in total output associated with a $1.00 increase in total cost.
c. increase in total cost resulting from the hiring of an additional worker.
d. increase in total output obtained from one additional unit of that input.
d
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The longer is the interval between firms' price adjustments
A) the smaller the output effect of a given change in the money supply. B) the longer the interval that the horizontal new Keynesian aggregate supply curve will remain in position. C) the new Keynesian aggregate supply curve will become steeper. D) the shorter the interval the horizontal new Keynesian aggregate supply curve will remain in position.
An increase in marginal cost that remains within the gap of the marginal revenue curve of a kinked demand oligopolist will:
a. keep price and output the same. b. raise price and decrease output. c. lower price and increase output. d. raise price and raise output. e. lower price and lower output.
Figure 19-2
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Of the graphs in Figure 19-2, where the broken line represents the fixed exchange rate, which one shows a reduction in the price level in Japan that would reduce a balance of payments deficit?
A. 1 B. 2 C. 3 D. 4
Real GDP will increase over the long run if
A. the long-run aggregate supply curve shifts continually to the left. B. the long-run aggregate supply curve shifts continually to the right. C. the long-run aggregate demand curve shifts continually to the left. D. prices continually go up.