What is the most accurate description of the value of a worker to the firm?
A. the firm's total output when holding capital fixed
B. the dollar value of the average worker's output
C. the dollar value of the worker's output
D. the wage
E. the firm's average product when holding capital fixed
Answer: C
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If Libby can produce 20 gallons of beer or 5 gallons of wine per hour, her opportunity cost of one gallon of beer is 4 gallons of wine
Indicate whether the statement is true or false
Which of the following is not true about a change in the price level? a. It will shift the aggregate demand curve
b. It will shift the aggregate expenditure curve. c. It will result in a new value of equilibrium real GDP demanded. d. It will change the real value of dollar-denominated assets. e. It will shift the consumption function.
For Keynes, the most important determinant of employment and output is _____.
Fill in the blank(s) with the appropriate word(s).
A balance-of-trade surplus exists
A. if the dollar value of exports exceeds the dollar value of imports. B. if the dollar value of imported capital exceeds the dollar value of exports. C. only if there is relative price inflation domestically. D. only if full employment exists domestically.