Which of the following correctly describes marginal revenue product?
a. The change in total revenue divided by the change in output
b. The change in total cost divided by the change in total revenue
c. The change in total cost divided by the change in output
d. The change in total revenue when an additional unit of a resource is hired
d
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If we were on Lorenz curve M, the top income quintile receives about _____% of income.
A. 24
B. 40
C. 58
D. 80
Draw a graph illustrating a competitive firm in short-run equilibrium that is earning an economic profit. Be sure to label all curves and axes correctly.
What will be an ideal response?
Suppose the marginal propensity to import for country A is 0.4 . Calculate the change in the total value of imports of the country if national income increases by $100,000
a. $16,000 b. $20,000 c. $60,000 d. $40,000 e. $25,000
Ceteris paribus, Real GDP and the unemployment rate are
A) directly related. B) inversely related. C) unrelated. D) directly related when GDP is below its natural level and inversely related when GDP is above its natural level.