In the 1970s , the Inflation Rate in Canada Reach

question 96

Multiple Choice

In the 1970s , the inflation rate in Canada reach levels over ________ percent.

• A) 2
• B) 5
• C) 10
• D) 12

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Definitions:

MRP of Land

The marginal revenue product of land refers to the additional revenue earned from the use of an extra unit of land, holding other factors constant.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor or capital.

Marginal Physical Product

The additional output that is produced by employing one more unit of an input, holding other inputs constant.

Substitution Effect

The economic understanding that as prices rise, or income decreases, consumers will replace more expensive items with less costly alternatives.