What does the average product of labor equal?
What will be an ideal response?
The average product of labor equals the total product (the total output) divided by the quantity of labor.
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Assume that the AD curve is held constant and short-run aggregate supply decreases. The result is a(n):
a. increase in both equilibrium real GDP and the price level. b. decrease in equilibrium real GDP and an increase in the price level. c. decrease in both equilibrium real GDP and the price level. d. decrease in equilibrium real GDP, while the price level remains fixed. e. increase in the price level, while equilibrium real GDP remains fixed.
Fractional reserve banking takes its name from the fact that: a. banks hold only a fraction of their reserves at the bank itself. b. banks keep only a fraction of total deposits on reserve
c. banks reserve only a fraction of their activity for lending. d. all of the above