Output divided by the number of hours worked or by the number of workers is called
A. marginal product.
B. average input.
C. average product.
D. marginal revenue.
Answer: C
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By raising aggregate demand more than anticipated, policymakers
a. reduce unemployment for awhile. b. raise unemployment for awhile. c. reduce unemployment permanently. d. None of the above is correct.
Which of the following is NOT included in the M1 definition of money?
currency held outside banks time deposits travelers checks checking deposits at savings and loans
Studies of real world markets suggest that prices and the number of firms of comparable size in a market are:
A. positively related. B. negatively or inversely related. C. not related. D. sometimes negatively or inversely related, but usually positively related.
If MUx/Px > MUy/Py, then
A. X is more expensive than Y. B. Y is more expensive than X. C. spending a dollar less on X and a dollar more on Y increases utility. D. spending a dollar less on Y and a dollar more on X increases utility.