When diminishing marginal returns set in, total product
a. is negative
b. decreases at an increasing rate
c. decreases at a decreasing rate
d. increases at an increasing rate
e. increases at a decreasing rate
E
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In an economy, if three-fourths of national income goes to labor, and one-fourth to capital stock, the Cobb-Douglas production function for this economy will be:
A) Y = A × 1/4 × K × 3/4 × L B) Y = A × K4 × L3 C) Y = A × K1/4 × L3/4 D) Y = A × K1/3 × L2/3
You have chosen to take a trip during spring break. If you had not gone, you would either have worked at a temporary job or studied for exams. The opportunity cost of your trip is
A) the wages you would have earned from working. B) the lower grade earned by not studying. C) the wages you would have earned from working and the lower grade earned by not studying. D) the value of the tri
Some luxury product manufacturers will purposefully raise prices on their goods in order to reduce sales volume
This strategy may successfully increase sales revenue if the luxury goods are subject to the ________ effect and have relatively ________ demand. A) bandwagon, elastic B) bandwagon, inelastic C) snob, elastic D) snob, inelastic
Which of the following is considered human capital?
a. the ingredients a chef uses to prepare meals b. the pots and pans and other tools a chef uses to prepare meals c. the financial capital a chef uses to start his own restaurant d. the skills a chef learns when attending a class about cake decorating