The marginal revenue product of labor is defined as
A) the change in the firm's output as a result of hiring one more worker.
B) the change in the firm's revenue as a result of selling one more unit of output.
C) the change in the firm's profit as a result of hiring one more worker.
D) the change in the firm's revenue as a result of hiring one more worker.
D
Economics
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The above figure illustrates
A) a recessionary gap. B) a full-employment equilibrium. C) an inflationary gap. D) an equilibrium at the economy's physical limits.
Economics
If reserves in the banking system increase by $200, then checkable deposits will increase by $500 in the simple model of deposit creation when the required reserve ratio is
A) 0.04. B) 0.25. C) 0.40. D) 0.50.
Economics