Refer to Table 11-1. What is the average product of labor when the farm hires 5 workers?

Which of the following is an effect of an increase in the price level in an economy?

a. The real value of dollar-denominated assets will fall b. The aggregate expenditure line will shift upward. c. The equilibrium real gross domestic product will increase. d. There will be a downward movement along the aggregate demand curve of the economy. e. The aggregate demand curve of the economy will shift rightward.

Idiosyncratic error is the error that occurs due to _____.

A. incorrect measurement of an economic variable B. unobserved factors that affect the dependent variable and change over time C. unobserved factors that affect the dependent variable and do not change over time D. correlation between the independent variables