The cost of hiring one more worker, ceteris paribus, is known as
A. marginal wage.
B. marginal revenue product.
C. marginal physical product.
D. marginal factor cost.
Answer: D
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A currency appreciation
A. reduces aggregate demand and increases aggregate supply. B. reduces aggregate demand and aggregate supply. C. increases aggregate demand and reduces aggregate supply. D. increases aggregate demand and aggregate supply.
The average revenue curve can also be described as the demand curve.
Answer the following statement true (T) or false (F)
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y1. C. P3 and Y1. D. P3 and Y2.
If 2015 is the base year and the inflation rate between 2015 and 2016 is 5.2%, the price index in 2016 is
A. 52.0. B. 100.52. C. 102.50. D. 105.20.