The "law" of diminishing returns rests on the "law" of variable input proportions
a. True
b. False
Indicate whether the statement is true or false
True
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France is considering implementing policies that will reduce the duration of job search. A possible option is for France to
A) reduce unemployment benefits. B) help negotiate higher union benefits for employed workers. C) increase the minimum wage. D) require all residents between the ages of 19 and 26 to obtain a part-time or full-time job. E) Both answers A and B are correct.
Refer to Figure 5-3. The private profit-maximizing output level is
A) Qm. B) Qo. C) Qo - Qm. D) Qn.
Aid is considered "tied" when it is
a. provided for restricted purposes b. required to be used for purchases from the donor country c. provided in exchange for the recipient's support in the United Nations d. required to be used solely for either public or private projects e. none of the above
Most economists consider a theory a good one if it predicts well
a. True b. False