The evolution of macroeconomic theory
A) usually precedes and causes major macroeconomic events.
B) usually is in reaction to major macroeconomic events.
C) is evenly divided between causing and reacting to major macroeconomic events.
D) proceeds rather independently of major macroeconomic events.
B
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The value of marginal product of labor is the change in
A) profit from hiring one more worker. B) output from hiring one more worker. C) total revenue from hiring one more worker. D) profit from producing one more unit of output.
The present value of $100 to be received in the year 2014 is
A) less than the present value of $100 to be received in 2015. B) greater than the present value of $100 to be received in 2015. C) the same as the present value of $100 to be received in 2015. D) greater than the present value of $100 to be received in 2015 if the interest rate in 2015 exceeds the interest rate in 2014; otherwise, it is less.