According to the principle of diminishing returns, if all factors of production but one are held constant and if that one factor is doubled, then eventually output will most likely:
A. double too.
B. less than double.
C. more than double.
D. remain unchanged.
Answer: B
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International trade occurs whenever
a. two nations have achieved internal economic efficiency b. one of the trading nations is self-sufficient c. one nation can profit from trade at the expense of another d. two nations can benefit from trading with each other e. labor is cheaper in one country than in another
If the U.S. economy had grown faster than it actually did from 2009 to 2010, the unemployment rate would have been higher
a. True b. False Indicate whether the statement is true or false
According to Elinor Ostrom's view of The Tragedy of the Commons:
A. The only way to prevent the collapse of the commons is government intervention. B. The only way to prevent the collapse of the commons is to privatize the commons so that it is owned by a single individual. C. Individuals will create institutions to prevent the collapse of the commons. D. Individuals will use the commons beyond the socially efficient point.
If you wish to work as an IS professional in the transportation industry, it does not matter if you cannot communicate with fleet managers using their business terms.
Answer the following statement(s) true (T) or false (F)