In the above table, diminishing marginal returns start to occur when the
A) 3rd worker is employed.
B) 4th worker is employed.
C) 5th worker is employed.
D) 6th worker is employed.
B
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In which of the following situations would GDP not change?
A. Domestic consumers begin to buy less imported wine, and instead spend just as much money on domestically produced wine. B. More and more domestic consumers opt to build a new home, rather than spending the same money on an already existing home. C. Without reducing the number of automobiles sold, domestic automobile producers decide to reduce the number of automobiles they produce, rather than producing cars that would end up as unsold inventory. D. As domestic consumers buy fewer tobacco products, tobacco manufacturers instead sell their products, at the same price, to foreign buyers.
The Malthusian model predicts that
A) population will keep increasing. B) the standard of living will keep increasing. C) health improvements increase the standard of living. D) population control improves the standard of living.
A good's Demand Curve is QD = 50 - 2P, and its Supply Curve is QS = 40 + P
a. When P = $10, what is the difference, if any, between QD and QS? b. When P = $2, what is the difference, if any, between QD and QS? c. What are the equilibrium values of P and Q?
Suppose the Federal Reserve increases the money supply. Which of the following will tend to occur as a result of this policy in a Keynesian model?
A) an inflationary gap B) demand-pull inflation C) a movement along the short-run aggregate supply curve D) all of the above