Which of the following statements describes the presence of diminishing returns? All else equal,
a. Marginal product is constant as output increases
b. Marginal product is falling as output increases
c. Marginal product is rising as output increases
d. Marginal product is zero
b
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Which of the following would result in a decrease in demand for BMW automobiles?
A. An increase in the price of BMW automobiles B. A decrease in the price of BMW automobiles C. A decrease in the price of Mercedes Benz automobiles D. An increase in the price of Mercedes Benz automobiles
The Doing Business reports are considered by many economists to have contributed to economic growth and poverty reduction. The effectiveness of the reports may be attributed to ________
A) their encouragement to governments to reduce impediments to business B) their encouragement to businesses to migrate to business-friendly locations C) their deepening of economists' understanding of economic growth D) their exposing of corrupt officials and practices
The set of items that serve as media of exchange clearly includes
a. balances that lie behind debit cards. b. demand deposits. c. other checkable deposits. d. All of the above are correct.
Which of the following is least responsible for the reduction in mortality rates in Europe and North America?
a. Reduced exposure to diseases b. Clean water and waste disposal c. Better nutrition and housing d. Improved sanitary conditions e. More effective medical interventions