Refer to the table below. Diminishing marginal returns set in with the addition of the:
Assume that the only variable resource used to produce output is labor.
A. First unit of labor
B. Second unit of labor
C. Third unit of labor
D. Fourth unit of labor
C. Third unit of labor
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If a firm has a U-shaped long-run average cost curve,
a. its fixed cost rises as output rises. b. it must have increasing returns to scale at low levels of production and decreasing returns to scale at high levels of production. c. it must have increasing returns to each input at low levels of production and decreasing returns to each input at high levels of production. d. the firm can maximize its output by operating at the point of minimum long-run average cost.
The idea of the Law of Demand, as applied to electric cars, assumes which of the following to be constant?
A. Price of electric cars B. Price of gasoline cars C. Quantity of electric cars demanded by buyers D. How much sellers are charging customers for electric cars
All of the following are factors that raise economic development EXCEPT
A. establishing a legal system. B. government control of the country's resources. C. an educated work force. D. reducing trade barriers.
If the Fed buys U.S. Treasury securities, then this
A) increases reserves, encourages banks to make more loans, and increases the money supply. B) decreases reserves, causes banks to reduce their loans, and decreases the money supply. C) decreases reserves, causes banks to reduce their loans, and increases the money supply. D) increases reserves, causes banks to reduce their loans, and increases the money supply.