-Using the above table, the marginal product of the 4th worker is
Definitions:
Economic Contraction
A decline in national output as measured by GDP, often marked by a decrease in spending, investment, and general economic activity.
Aggregate Supply
The total supply of goods and services that firms in an economy are willing and able to sell at a given overall price level in a given time period.
Aggregate Demand
The total demand for all goods and services within a particular market or economy at a given overall price level and in a given period.
Real Exchange Rate
Measures the value of goods in one country compared to those in another, adjusting for price level differences.
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