The ___________are increasing returns, diminishing returns, and negative returns.
Fill in the blank(s) with the appropriate word(s).
Ans: stages of production
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A scatter diagram of money growth rates and inflation rates from 1982 to 2010 indicates
A. a clear direct relationship between money growth and inflation. B. a clear indirect relationship between money growth and inflation. C. no clear relationship between money growth rates and inflation. D. that inflation is always and everywhere a monetary phenomenon.
What is willingness to pay?
a. The maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept. b. A measure of the value that a buyer places on a good. c. The amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. d. The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
The initial impact of an increase in government spending is to shift
A. aggregate supply to the right. B. aggregate demand to the left. C. aggregate demand to the right. D. aggregate supply to the left.
Suppose a 10% increase in the price of steak reduces the consumption of steak by 30%. Such a price rise will induce households to spend
A. more of their income on steak. B. the same amount on steak as before. C. less of their income on steak. D. more on products that are complementary with steak.