Marginal revenue product is defined as
a. the total revenue generated by inputs
b. the additional output produced by one additional unit of a resource, other things constant
c. the marginal revenue from each unit of output
d. the total revenue divided by the number of resources employed
e. the additional revenue generated by one additional unit of a resource, other things constant
E
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National debt can be defined as:
a. the total money supply in the economy. b. the total stock of government bonds outstanding. c. the difference between real GDP and potential GDP. d. the change in fiscal deficit that results from an increase in government spending. e. the total volume of private investment in the country.
The experience of the Teamsters in the late 1970s and early 1980s suggests that
a. there are few restraints on the ability of a strong union to increase the wages of its members. b. product market competition with goods made from (or services provided by) nonunion labor significantly limits the ability of a union to get increased wages for its members. c. higher wages tend to stimulate aggregate demand, which makes it easier for a union to gain still higher wages. d. wages are established by the relative skill of union and management negotiators, independent of market conditions.