Refer to the data. Diminishing returns begin to occur with the hiring of the _________ unit of labor
Use the following data to answer the question:
A. first
B. second
C. third
D. seventh
Answer: v
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The long-run industry supply curve in perfect competition is derived from the
A. short-run industry supply curve which shifts as new firms enter the industry. B. short-run industry supply curve which shifts as old firms exit the industry. C. freedom of firms from sunk costs so that new cost curves become long-run curves. D. All of the reasons listed.
Use the following table for a hypothetical single-product economy. year units of output price per unit price index (1=100) 1 10 10 100 2 12 20 200 3 15 30 300 4 20 40 400 Refer to the above data. Nominal GDP in year 4 is:
a) $320. b) $450. c) $225. d) $800.
If planned aggregate expenditure (PAE ) in an economy equals 3,000 + 0.75Y and potential output (Y*) equals 12,000, then this economy has:
A. no output gap. B. no autonomous expenditure. C. an expansionary gap. D. a recessionary gap.
Globalization that allows governments to pursue expansionary policies can be dangerous because it can lead to:
A. asset price inflation. B. goods price deflation. C. a reduction in the debt ceiling. D. goods price inflation.