If diminishing marginal returns are present for an input, then the marginal revenue product will be decreasing.
Answer the following statement true (T) or false (F)
True
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
In recent years the life insurance industry has emphasized
A) whole life policies. B) group insurance. C) less risky investments. D) the purchase of short-term assets.
The Keynesian analysis of fiscal policy implies that
a. fiscal policy should generally be expansionary except during periods of economic recession. b. fiscal policy should generally be restrictive except during inflationary booms. c. the federal budget should be balanced annually except during war. d. the federal budget should be used to maintain aggregate demand at a level consistent with full employment.
When considering choice architecture, a nudge:
A. allows anyone who wants to go in a different direction to do so. B. does not take away any options. C. is a gentle push in a particular direction. D. All of these statements are true.