Marginal physical product of labor measures the
a. quantity of output produced by hiring workers
b. change in output generated by hiring an additional worker
c. change in revenue generated by hiring an additional worker
d. change in cost generated by hiring one additional worker
e. change in labor productivity generated by a change in capital employed
B
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The Business Cycle Dating Committee defines a recession as
A) a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months. B) two consecutive quarters of declining real GDP. C) a significant decline in inflation and unemployment lasting more than a few months. D) two consecutive quarters of declining nominal GDP.
At an equilibrium price, quantity demanded
a. exceeds quantity supplied. b. equals quantity supplied. c. is less than quantity supplied. d. Any of the above is possible.