Marginal product of labor
A) is the derivative of the production function with respect to a one unit change in labor.
B) is the derivative of the production function with respect to a one unit change in capital.
C) is the derivative of the marginal cost curve.
D) none of these choices.
A
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The induced retirement effect
A. causes a decrease in savings because people retire earlier. B. causes a decrease in savings because people retire later. C. causes an increase in savings because people retire later. D. causes an increase in savings because people retire earlier.
Suppose the economy is self-regulating, the price level is 120, the quantity demanded of Real GDP and the quantity supplied of Real GDP in the short run both equal $5.7 trillion, and the quantity supplied of Real GDP in the long run is $5.2 trillion. Given all of this information, we can conclude that the economy ____________ in short run equilibrium, and that the price level in long run
equilibrium will be _____________ than 120. A) is not; less B) is; greater C) is; less D) is not; greater
In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X are:
A. $0.50, 250.
B. $2.00, 300.
C. $2.00, 100.
D. $1.00, 200.
Changes in which of the following variables will cause the current nominal exchange rate to change?
A) the future expected long-run nominal exchange rate, Eet+n B) future expected domestic nominal interest rates C) future expected foreign nominal interest rates D) all of the above