The increase in total revenue due to increasing the amount of labor employed by one unit is called the
A) Marginal Product.
B) Marginal Revenue Product.
C) Average Revenue Product.
D) Total Revenue Product.
B
You might also like to view...
If the expected path of 1-year interest rates over the next five years is 1 percent, 2 percent, 3 percent, 4 percent, and 5 percent, the expectations theory predicts that the bond with the highest interest rate today is the one with a maturity of
A) two years. B) three years. C) four years. D) five years.
Gross national product (GNP) of the United States is the value of all final goods and services
A) produced anywhere in the world by residents of the United States. B) produced in the United States by residents of any nation. C) produced and consumed within the United States. D) produced anywhere in the world, but consumed by residents of the United States.
In the long run, if inflation is higher in India than in the U.S., one would expect
A. the dollar to depreciate relative to the rupee B. the rupee to depreciate relative to the dollar C. the rupee to appreciate relative to the dollar D. two of the above are correct
To find the percentage change in price,
A. The change in quantity is divided by the average quantity. B. The change in quantity is divided by the change in price. C. The percentage change in quantity demanded is divided by the percentage change in price. D. The change in price is divided by the average price.