The additional output that can be produced by adding one additional unit of a specific input is called marginal product.

Discretionary fiscal policy is a policy that _____

a. is developed in secret b. applies to some states and not all states c. applies to only to some specific industries in an economy d. works automatically without public announcement or plan e. is an intentional change in taxation or government spending

Which of the following is considered an advantage of monetary policy compared to fiscal policy?

A. It is blunter and more politically obvious than fiscal policy B. It does not have any of the time lags of fiscal policy C. Its relative isolation from political pressure D. Its cyclical asymmetry