A learning curve relates ________ to ________ and is a case of ________ returns
A) unit cost; cumulative production; dynamic increasing returns
B) output per time period; long-run marginal cost; dynamic increasing returns
C) unit cost; cumulative production; dynamic decreasing returns
D) output per time period; long-run marginal cost; dynamic decreasing returns
E) labor productivity; education; increasing marginal returns
A
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Consumer spending accounts for about 50 percent of GDP.
Answer the following statement true (T) or false (F)
Increases in net investment generally result in
A) higher levels of capital stock and lower levels of depreciation. B) lower levels of capital stock and higher levels of depreciation. C) lower levels of capital stock and lower levels of depreciation. D) higher levels of capital stock and higher levels of depreciation.
Refer to the table above. If the rental price of machines is $100 per day, up to how many machines should the firm rent to maximize profits?
A) 4 B) 5 C) 6 D) 7
Suppose that a mining company employs 80% of the available laborers in a town. Explain what will happen to the number of laborers hired and the wage rate paid by the mine if a minimum wage is set at the competitive level
What will be an ideal response?