The Simultaneous Occurrence of High Inflation and High Unemployment Is

question 16

Multiple Choice

The simultaneous occurrence of high inflation and high unemployment is called

• A)Reflation.
• B)Stagflation.
• C)Deflation.
• D)Depression.

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Definitions:

Marginal Revenue Product Schedule

A schedule or curve that shows the additional revenue produced by one more unit of an input, such as labor or capital.

Marginal Physical Product

The addition to total output due to the employment of one more unit of a factor, other factors held constant.

Marginal Output

The additional quantity of output that is produced as a result of using one more unit of a particular input, assuming all other factors of production remain constant.

Marginal Physical Product

The change in output resulting from employing one more unit of a particular input, all else being constant.