What is the change in output from adding one more worker called?
(A) Negative marginal returns
(B) Diminishing marginal returns
(C) Increasing marginal returns
(D) Marginal product of labor
Ans: (D) Marginal product of labor
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Consider two countries: a) In the first country there are 1,000 individuals; among them 500 earn $20,000 per month and the remaining 500 earn $400 per month
b) In the second country there are 1,000 people; among them 500 earn $12,000 per month and the remaining 500 people earn $600 per month. Which of the two countries has more inequality and which country is poorer of the two?
First-degree and second-degree price discrimination are similar in each of the following ways except which one?
A) They both convert all possible consumer surplus into additional economic profit. B) In both practices, firms earn greater economic profit than if they charged a single price for every unit. C) In both practices, firms produce more than if they charged a single price. D) In both practices, consumers pay higher prices for the first units that they buy.
A leftward shift in AS will cause a leftward shift in the Phillips curve.
Answer the following statement true (T) or false (F)
Classical economists predicted that population growth would eventually reduce economic growth because they believed:
A. in the law of diminishing marginal productivity. B. in the law of increasing marginal productivity. C. that production involved increasing returns to scale. D. that production involved decreasing returns to scale.