Diminishing marginal returns occur because
a. All inputs are variable in the short-run
b. All inputs are variable in the long-run
c. Some inputs are fixed and some inputs are variable in the short-run
d. None of the above
c
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According to this Application, a one degree Celsius rise in temperature
A) increases rich countries' exports. B) decreases poor countries' exports. C) decreases all countries' exports. D) increases poor countries' exports.
In the above figure, the intersection of curves A and B is the point at which
A) average total cost is minimized. B) average variable cost is minimized. C) average fixed cost is minimized. D) total product is maximized.
Refer to above Table 2-1. What is the level of Gross Domestic Product?
A) 2690 B) 3050 C) 2430 D) 3010
When the government enacts policies to make the distribution of income more equitable, it distorts incentives, alters behavior, and makes the allocation of resources less efficient
a. True b. False Indicate whether the statement is true or false