Total product is
A) the increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same.
B) maximum output that a given quantity of labor can produce.
C) maximum amount of output produced by a given quantity of labor divided by the given quantity of labor employed.
D) maximum amount of amount of output produced by a given quantity of labor divided by price of the output.
B
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Futures contracts are marked-to-market
A) every day. B) every week. C) every month. D) every quarter.
The marginal propensity to consume is a measure of the additional consumption that results from a one-dollar increase in disposable income
a. True b. False Indicate whether the statement is true or false
The difference between the price the consumer is willing to pay for a good or service and what he would have to pay for that unit is called: a. the total gains from trading that unit. b. the gain in producer surplus
c. the gain in consumer surplus. d. the total surplus.
When looking at a graph of nominal and real interest rates you notice the graph for nominal rates and the graph for real rates cross each other many times. From this you conclude
a. consumer prices sometimes rose and sometimes fell in the time frame represented on the graph. b. consumer prices were always rising in the time frame represented on the graph. c. the economy never experienced a recession in the time frame represented on the graph. d. GDP was always increasing for the time frame represented on the graph.