________: the change in output or total product the business would achieve in the current period by expanding the use of an input by another unit
Fill in the blank(s) with correct word
Marginal physical product
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The real wage rate is the ________ divided by the ________
A) equilibrium quantity of employment; potential GDP B) nominal wage rate; inflation rate C) nominal wage rate; price level D) quantity of labor demanded; quantity of labor supplied E) quantity of labor supplied; quantity of labor demanded
In the above figure, a black market emerges with a
A) price ceiling of $4. B) price floor of $2. C) price floor of $4. D) a rationed quantity 30.
What is a command economy?
What will be an ideal response?
According to Keynes, an unbalanced budget is appropriate in all of the following situations except when
A. The economy is at full employment. B. Leakages and injections are out of balance. C. The economy is below full employment. D. Macro equilibrium is above full employment.