The law of diminishing marginal product is a statement
A. that concerns changes in profits.
B. that concerns the long run.
C. that relates to plant size.
D. that concerns changes in variable input and changes in output.
Answer: D
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In the figure above, the total benefit from pizza is ________ per day
A) $100,000 B) $50,000 C) $125,000 D) $150,000 E) None of the above answers is correct.
In the United States, a patent gives the patent holder exclusive rights to an invention for typically how many years?
A) 20 B) 5 C) lifetime of patent holder D) 15
Yuan recently completed his college degree and is entering the labor market for the first time. He has been submitting applications and has been interviewed twice in the last two weeks, but so far has not found a job. Yuan would be classified as
a. frictionally unemployed b. seasonally unemployed c. structurally unemployed d. cyclically unemployed e. not yet in the labor force
If a nation experiences a rapid increase in the number of immigrants, which increases its aggregate supply:
a. Average price level and real GDP should remain constant until the immigrants become citizens. b. Average price level and real GDP should fall. c. Average price level and real GDP should rise. d. Average price level should fall, and real GDP should rise. e. Average price level should rise, and real GDP should fall.