Refer to Figure 6.1. At point C
A) the marginal product of labor is greater than the average product of labor.
B) the average product of labor is greater than the marginal product of labor.
C) the marginal product of labor and the average product of labor are equal.
D) the marginal product of labor and the average product of labor are both increasing.
E) Both B and D are correct.
B
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Per-capita income of a country is determined by ________
A) multiplying its gross domestic product by the total number of goods produced during that year. B) dividing its gross domestic product by the total population of the country during that year. C) multiplying its gross domestic product by the total population of the country during that year. D) dividing its gross domestic product by the total number of goods produced during that year.
The demand for money curve shows the relationship between the quantity of money demanded and
A) real GDP. B) the inflation rate. C) the real interest rate. D) the price level. E) the nominal interest rate.