The marginal revenue product of an hour of labor used in steel production is equal to
a. its marginal physical product times the hourly wage rate.
b. its marginal physical product times the price of steel.
c. the hourly wage rate.
d. its marginal physical product divided by the price of steel.
b
Economics
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Consider an economy where the growth rate of real GDP is 6% and the annual rate of inflation is 2%. If the quantity theory of money holds, the growth rate of money supply in the economy will be:
A) 6%. B) 2%. C) 8%. D) 4%.
Economics
Increases in ________ typically lead to decreases in ________
A) the interest rate; saving B) disposable income; consumption C) autonomous consumption; consumption D) all of the above E) none of the above
Economics