Factors of production such as labor and capital
A. are complementary.
B. can be complements and also substitutes.
C. are substitutable.
D. can be neither complements nor substitutes.
Answer: B
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The U.S. economy has become a less closed economy over the past 50 years.
Answer the following statement true (T) or false (F)
Measured in 2014 dollars, real GDP per person in the United States in 2014 was about 10 times that in
a. China. b. India. c. Indonesia. d. Pakistan.
The field of macroeconomics developed when economists looked for causes of:
A. poverty and inflation. B. World War I. C. the Great Depression. D. the wealth of nations.
Number of workersUnits of output00110230344455
Refer to Table 5.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. Diminishing marginal returns set in with the addition of the:
A. third worker. B. fourth worker. C. fifth worker. D. sixth worker.