An addition of a complementary resource would ______ the marginal revenue product of any given resource.

Economists use elasticity to measure the responsiveness of quantity to a change in price rather than the slope of the demand curve because elasticity is

A) independent of the units of measurement. B) dependent on the units of measurement. C) easier to calculate. D) harder to calculate. E) always negative whereas the slope is always positive.

When we say the U.S. economy has grown on average at 2.1%, we mean

A) the inflation rate. B) the growth rate of nominal GDP. C) the growth rate of per-capita nominal GDP. D) the growth rate of per-capita real GDP.