The Change in Total Output Attributable to the Last Unit

question 23

Multiple Choice

The change in total output attributable to the last unit of an input is the:

• A) total product.
• B) average product.
• C) marginal product.
• D) marginal return.

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Definitions:

Expansionary Policy

is a macroeconomic policy that aims to increase economic growth or reduce unemployment by increasing government spending, decreasing taxes, or both.

Excess Reserves

The amount of reserves held by a bank that exceeds the minimum reserve requirements set by the central bank.

Ability

Ability refers to the capacity or power of an individual or entity to do something effectively, often implying a skill or competence in a specific domain.

Currency

A system of money in general use in a specific country or region.