If diminishing marginal returns have already set in for Golden Lark Woodworks, and the marginal product of the 6th carpenter is 8 chairs, then the marginal product of the 7th carpenter is
A) more than 8 chairs. B) zero. C) negative. D) less than 8 chairs.
D
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What will be an ideal response?
Refer to Figure 2-8. What is the opportunity cost of 100 dozen roses?
A) 0.8 dozen orchids B) 5 dozen orchids C) 40 dozen orchids D) 80 dozen orchids
According to the Romer model, an increase in population will cause ________
A) an immediate increase in output per capita and a permanent increase in output per capita B) an immediate decrease in output per capita and a permanent increase in output per capita C) an immediate increase in output per capita and a permanent decrease in output per capita D) an immediate and permanent decrease in output per capita
Agriculture in Argentina became more efficient when ____ were introduced
A) subsidies. B) property rights. C) tariffs. D) regulations