Value of marginal product is defined as the additional
a. output a firm would receive after hiring one more factor of production.
b. cost of hiring one more factor of production.
c. revenue earned from selling one more unit of product.
d. revenue earned from hiring one more factor of production.
d
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An increase in the general level of prices will tend to cause, other things the same ________
A) an increase in the real value of assets B) an increase in the real value of liabilities C) no change in the real value of liabilities D) a decrease in the real value of liabilities
If an individual wins a multimillion dollar lottery and chooses to receive annual payments equaling the total prize, this person has a
A) relatively low discount rate. B) relatively high discount rate. C) discount rate of zero. D) It is impossible to tell.