Average physical product measures the increase in total output that results from a one-unit increase in an input.
Answer the following statement true (T) or false (F)
False
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During the recession of 2008, the U.S.experienced lower real interest rates at the same time investment and GDP were falling
How would a Classical economist explain this recession? Provide a graph of the Classical capital market to illustrate your arguments.
A durable good is product that
A) holds up well under abuse. B) has had the same design over a long period of time. C) is purchased only once. D) is usable over a long period of time.
The best guess is that the cross elasticity between Rolaids and Tums, the two leading antacids in the country, is
a. negative b. positive c. zero d. one e. infinite
If real GDP per person were equal to $1,000 in 1900 and grew at a one percent annual rate, what would be the value of real GDP per person 100 years later?
A. $11,000 B. $13,780 C. $1,100 D. $2,705