The value of the marginal product is the:
A. marginal product generated by an additional unit of input times the price of output.
B. additional inputs required to produce one more additional unit of output.
C. marginal revenue generated by an additional unit of output times the number of workers hired.
D. average revenue generated by workers at a firm.
Answer: A
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If the price of a soda was 15 cents in 1970, when the CPI was 50, and 50 cents in 2007, when the CPI was 172, then
A) the price of the soda was greater in real value in 1970 than in 2007. B) prices on average have increased 567 percent. C) the price of a soda has increased a greater percentage than the CPI. D) prices on average have increased 244 percent. E) the real price of a soda is the same in 1970 and 2007.