In general, increasing marginal returns occur
A) as output expands at low levels of production.
B) through the entire range of production.
C) as output expands at high levels of production.
D) whenever the slope of the total product curve is positive.
A
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Refer to Table 2-17. What is James's opportunity cost of making a tricycle?
A) 2 tricycles B) 3/4 of a wagon C) 1/2 of a wagon D) 1/2 of a tricycle
Consider the following (hypothetical) cash economy with no banks. The money supply consists entirely of $1000 in currency. Output is currently at potential. The government is currently faced with a $100 budget deficit and chooses not to raise taxes, but instead prints $100 more currency with which to balance its budget. The long run result is likely to be
a) an interest rate of 10% b) an inflation rate of 10% c) a 10% increase in the velocity of money d) a 10% growth rate of real GDP e) a 10% increase in the national debt
Recessions begin at ________ and end at ________.
A. a peak; a trough B. the highest unemployment rate; the lowest unemployment rate C. a trough; a peak D. the lowest unemployment rate; the highest unemployment rate
Someone who values a lottery at its expected value is
a. A risk lover b. Risk neutral c. Risk averse d. most likely to play a lottery