Under which of the following sets of circumstances is it definitely the case that the average product increases as more labor is hired?
A) Total product increases as more labor is hired.
B) The marginal product is equal to the average product.
C) The marginal product is positive.
D) The marginal product is greater than the average product.
E) The marginal product is less than the average product.
D
Economics
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How is the effect of expansionary monetary policy depicted in an aggregate supply-aggregate demand graph?
A) The aggregate demand curve shifts rightward. B) The aggregate supply curve shifts leftward. C) The equilibrium level of income increases, but neither curve shifts. D) The aggregate supply curve shifts rightward.
Economics
Refer to Table 2.3. Nominal GDP in 2007 is
A) $320.63. B) $490.00. C) $568.00. D) $1282.50.
Economics