The marginal revenue product represents
A) the marginal physical product of labor divided by the price of the good produced.
B) the worker's contribution to the firm's total revenues.
C) the worker's contribution to the firm's output.
D) the value of each additional unit of output.
B
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If all saving and investment could be placed into a tax-deferred saving account, then the federal income tax would approximate a consumption tax
a. True b. False
Suppose the economy is initially experiencing a recessionary gap. A reduction in the size of the budget deficit will cause which of the following in the short run?
A) a reduction in the size of the recessionary gap and increase in real GDP. B) an increase in the size of the recessionary gap and decrease in real GDP. C) an increase in inflation and increase in aggregate supply. D) an inflationary gap.