Marginal physical product is
a. the increase in input usage resulting from an increase in revenue.
b. the same as marginal revenue product.
c. equal to average physical product when a monopoly firm is in equilibrium.
d. the increase in output stemming from a one-unit increase in input.
d
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In the Classical model, a decrease in saving will result in saving being __________ than investment which will cause the interest rate to __________
A) greater; rise B) greater; fall C) less; rise D) less; fall
Trade diversion results in
A) an increase in the total amount of trade in the world. B) a decrease in the total amount of trade in the world. C) no change in the total amount of trade in the world. D) either an increase or decrease in the amount of trade in the world, depending on where trade takes place.