The marginal product generated by an additional unit of input times the price of the output is called:
A. the value of the marginal product.
B. the marginal revenue product.
C. Both of these statements are true.
D. Neither of these statements is true.
C. Both of these statements are true.
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
A nation's net exports consist of
A) its exports plus its imports. B) its exports plus all other nation's imports. C) its exports minus its imports. D) its imports plus all other nation's exports.
Looking at the annual inflation rates in the United States from 2000 to 2013, we see that they
A) were above 10 percent throughout the period. B) were at or below 5 percent throughout the period and was negative for a year. C) started low, but increased to over 9 percent by the end of the period. D) started out above 10 percent but fell to 5 percent by the end of the period. E) were negative for most of the years during this period.
Assume that for 20 bicycles, the total fixed cost is $100 and the total variable cost is $300 . Then the average fixed cost and the average variable cost are:
a. $5 and $10 respectively. b. $5 and $15 respectively. c. $10 and $15 respectively. d. $15 and $10 respectively. e. $10 and $5 respectively.