For the principle of diminishing marginal returns to hold,
a. all resources must vary.
b. at least one resource should remain fixed.
c. only one resource should vary.
d. a minimum of three input resources is necessary.
c. only one resource should vary.
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In the simple linear regression model Yi = ?0 + ?1Xi + ui,
A) the intercept is typically small and unimportant. B) ?0 + ?1Xi represents the population regression function. C) the absolute value of the slope is typically between 0 and 1. D) ?0 + ?1Xi represents the sample regression function.
Which of the following is a difference between absolute advantage and comparative advantage?
a. Absolute advantage occurs when a country has a lower production cost than its trading partner, while comparative advantage occurs when a country produces a good at a lower opportunity cost than its trading partners. b. Absolute advantage occurs when a country has a higher production cost than its trading partner, while comparative advantage occurs when a country produces a good at a higher opportunity cost than its trading partners. c. In the case of absolute advantage, a country experiences an increase in total surplus post trade, while in the case of comparative advantage, a country experiences no change in total surplus post trade. d. Absolute advantage occurs when a country benefits by exporting a particular good, while comparative advantage occurs when a country benefits by importing a particular good.
Assume Roger's income to spend on books and movie tickets is $48, and his budget constraint is represented by line B. What would cause his budget constraint to move to A?
A. Roger gets unlimited coupons for $2 off the price of a movie ticket. B. Roger gets a raise at work. C. The price of movie tickets increases to $8. D. None of these changes would cause Roger's budget constraint to move from B to A.
Which of the following granted collective bargaining rights to Federal government workers?
A. The National Industrial Recovery Act B. The Norris-LaGuardia Act C. The Taft-Hartley Act D. An executive order of President Kennedy