The increase in output that is generated by an additional unit of input is called the:
A. production function.
B. input-output relationship.
C. resource product.
D. marginal product.
Answer: D
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Which of the following statements is true about marginal revenue?
A) If marginal revenue is zero, it means that quantity demanded falls to zero when a firm changes its price. B) Marginal revenue increases as price falls and quantity sold increases. C) If marginal revenue is negative, the additional revenue received from selling 1 more unit of the good is smaller than the revenue lost from receiving a lower price on all the units that could have been sold at the original price. D) If marginal revenue is positive, the additional revenue received from selling 1 more unit of the good is smaller than the revenue lost from receiving a lower price on all the units that could have been sold at the original price.
If aggregate expenditure is greater than GDP, how will the economy reach macroeconomic equilibrium?
A) Inventories will rise, and GDP and employment will rise. B) Inventories will decline, and GDP and employment will rise. C) Inventories will rise, and GDP and employment will decline. D) Inventories will decline, and GDP and employment will decline.
In the new Keynesian model, sticky prices may be due to ________
A) involuntary unemployment B) negative productivity shocks C) positive productivity shocks D) staggered prices
If the production possibilities frontier shown is for two months of production, then which of the following combinations of peanuts and cashews could Brazil not produce in two months?