One would expect to observe a diminishing marginal product of labor when crowded office space reduces the productivity of new workers
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the figure below. Assume demand remains unchanged at D1. If supply shifts from S1 to S2, then the equilibrium price will ________ and the equilibrium quantity will ________. 
A. fall; fall B. fall; rise C. rise; fall D. rise; rise
Every day, we make many choices. We can't avoid having to make choices because _______.
a. Our wants exceed the resources available to satisfy them.
b. We cant find enough things to do to fill our day
c. There is too much variety
d. There is too much available
e. There are too many TV channels
Which of the following indicates an input is being overused relative to the optimal level?
A. MRP = P of input. B. MRP > P of input. C. MRP < P of input. D. MPP > P of output.
The velocity of money is the:
a. number of times per year each dollar is used to transact an exchange. b. rapidity of price increases during inflation. c. number of times the price level increases during a year. d. time it takes for checks to clear banks. e. number of times per year each product is purchased during the year.