Most total product curves have
A) first increasing and then decreasing marginal returns to labor.
B) output first increasing and then decreasing as labor is added.
C) first decreasing and then increasing marginal returns to labor.
D) output increasing at an increasing rate as labor is added.
A
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Consider two countries: A and B. In country A there are well-defined private property rights and in country B there are no private property rights
If the institutions hypothesis holds: a) Which of the two countries is likely to grow faster? b) Is the slower growing economy permanently disadvantaged?
What is the best outcome for society: when firms in an oligopoly enter into a collusive agreement to operate as a monopoly or when they act as perfect competitors? Briefly explain your answer
What will be an ideal response?
In the short run, wages are assumed to be: a. constant
b. sticky. c. inflexible. d. all of the above are true.
If the government wishes to decrease GDP by $2,000b, and the MPC is 0.6, it should:
A. increase its spending by $1,200b. B. decrease its spending by $1,200b. C. increase its spending by $800b. D. decrease its spending by $800b.