When the slope of the total production curve steepens, it means:
A. diminishing marginal product must hold.
B. the marginal product must be decreasing.
C. the marginal product must be increasing.
D. None of these is true.
Answer: C
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Which of the following transactions directly leads to a surplus on the U.S. capital and financial account?
A) An American purchases a share of stock on the Tokyo exchange. B) An American sells wheat to an African nation. C) A Japanese resident purchases a U.S. government bond. D) A resident of France visits the United States.
Social Security wealth is the future value of the Social Security system.
A. True B. False C. Uncertain
The assumption that X has full column rank implies that
A) the number of observations equals the number of regressors. B) binary variables are absent from the list of regressors. C) there is no perfect multicollinearity. D) none of the regressors appear in natural logarithm form.
Interest can be defined as
A. the amount of funds loaned to a creditor. B. the return paid to owners of capital. C. the return above opportunity cost paid to owners of a firm. D. the participation of a shareholder in the operations of a firm.