The law of diminishing marginal product
A) holds in the short run and the long run because as you increase the amount of variable inputs eventually the increases in output will decrease.
B) does not hold in the short run because of fixed costs.
C) does not hold in the long run because there are no fixed inputs in the long run.
D) holds in the short and long run because of economies to scale.
Answer: C
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Reducing a tariff on a particular good does which of the following? a. It decreases the price of the domestic good to domestic consumers
b. It increases the price of the good to domestic consumers. c. It redistributes income away from domestic producers toward domestic consumers. d. both (a) and (c)
The extent of discrimination is
A. measured by the differences in incomes. B. the reason for two-thirds of the income differential between black male workers and white male workers. C. difficult to quantify and controversial. D. easily measured for each category of workers.
The tax which is most difficult to shift to others would be the:
A. Personal income tax B. Corporate income tax C. Specific excise taxes D. Business property taxes
More risk-averse people will:
a. hold fewer risky assets because marginal utility is rapidly diminishing. b. hold fewer risky assets because marginal utility is greater. c. hold fewer risky assets because rates of return are more uncertain. d. hold fewer risky assets because marginal utility is negative.