Marginal productivity is
a. The total output associated with total inputs
b. The total output associated with extra inputs
c. The extra output associated with total inputs
d. The extra output associated with extra inputs
d
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Suppose there is a decline in the demand for the product labor is producing. Furthermore, the price of capital, which is complementary to labor, increases. Thus, the demand for labor
A. will decrease. B. will increase. C. may either increase or decrease. D. will not change.
In the foreign exchange market, a change in which of the following will result in a movement along the demand curve for U.S. dollars?
A) the exchange rate B) the U.S. interest rate C) the interest rate in the foreign country D) the expected future exchange rate
Why were the U.S. government budget deficits of the 1980s and early 1990s so unusual from a historical point of view?
A) It was the first time the U.S. government had ever run deficits. B) In the past, deficits were usually that large only in wartime. C) It was the first time that deficits were accompanied by very high rates of inflation. D) It was the first time that deficits diverted funds from other productive uses, such as investment in modern equipment.
In a perfectly competitive market, the market demand curve is ________ , while an individual firm's demand curve is ________
a. downward-sloping; horizontal. b. downward-sloping but relatively flat; downward-sloping but relatively steep. c. horizontal; downward-sloping. d. horizontal; vertical