Marginal revenue product describes the:
A. Output produced by the last unit of labor employed
B. Revenue received for the last unit of output produced
C. Price a consumer paid for the last unit of output produced
D. Revenue received for the additional output produced by the last unit of labor employed
D. Revenue received for the additional output produced by the last unit of labor employed
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If the balance on the current account is $346 billion and the balance on the financial account is -$204 billion, what is the balance on the capital account, assuming no statistical discrepancy?
A) $550 billion B) $142 billion C) $0 D) -$142 billion
Economists usually use the term "recession" to refer to: a. any slowdown in the growth of real GDP
b. zero real GDP growth. c. two or more consecutive quarters of declining real GDP. d. a reduction in nominal GDP lasting more than six months.