The above table shows the short-run production function for Albert's Pretzels. The law of diminishing marginal product
A) appears with the second worker.
B) has not yet appeared for any of the levels of labor.
C) first appears with the fifth worker.
D) is refuted by this evidence.
A
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The terms of trade refers to
A) the ratio at which a country can trade its exports for imports from other countries. B) the role of the government in overseeing international trade. C) the rules and regulations that countries must adhere to when trading. D) a legal document that specifies the trade quantities agreed to by two countries.
A natural monopoly has
A. many producers of the same product. B. easy access to the market. C. a single firm providing the industry's output. D. one buyer of output.
The supply of U.S. dollars on foreign exchange markets is
A) determined directly by open market operations at the Federal Reserve Bank. B) derived from the demand for U.S. products by foreigners. C) derived from the supply of U.S. goods. D) derived from the demand by United States for imported goods and services.
Cities and towns mainly rely for revenue on
a. property taxes. b. income taxes. c. excise taxes. d. payroll taxes.