_____________ is the additional output produced by the last worker hired.
Fill in the blank(s) with the appropriate word(s).
Marginal output
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The Santa Fe Spark Plug Company supplies spark plugs to automotive parts dealers. An increase in the demand for its product led Santa Fe to hire 150 new workers
Santa Fe also plans to expand the capacity of its plant but this project will take 2 years to complete. Which of the following statements is true? A) The long run for Santa Fe is longer than 1 year. B) The wages and benefits paid to the new workers are implicit costs. C) In the short run Santa Fe's variable costs increase but its fixed costs decrease. D) The short run for Santa Fe is 1 year.
C = 4,000 + 0.5y
I = 1,500 G =2,250 NX = -150 Given the equations for C, I, G, and NX above, what is the equilibrium level of GDP (Y)?
In the open-economy ISLM model, net export is specified as a function of and exchange arte is specified as a function of
A) output; output. B) money supply; interest rate. C) exchange rate; interest rate. D) exchange rate; money demand.
The benefits from free trade are not evenly distributed throughout an economy.
a. true b. false