The marginal revenue product (MRP) is the:
a. value of the additional output that an extra unit of a resource can produce.
b. cost of hiring an additional unit of a resource.
c. extra cost of producing an additional unit of output.
d. increase in total output when an additional unit of an input is hired.
e. change in total revenue when an additional unit of a good is sold.
a
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Which of the following is the primary tool the Fed uses to control the supply of money?
a. the discount rate b. the reserve requirements c. open market operations d. the 30-year home-mortgage interest rate
For a given country, comparing the world price of aluminum and the domestic price of aluminum before trade indicates whether that country's demand for aluminum exceeds the demand for aluminum in other countries
a. True b. False Indicate whether the statement is true or false