Which situation is most likely to exhibit diminishing marginal returns to labor?
A) a factory that obtains a new machine for every new worker hired
B) a factory that hires more workers and never increases the amount of machinery
C) a factory that increases the amount of machinery and holds the number of worker constant
D) None of these situations will result in diminishing marginal returns to labor.
B
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In the advanced economies, ________ of the factories use advanced capital equipment, and in the developing economies, ________ of the factories use advanced capital equipment
A) virtually all; virtually all B) some; some C) virtually all; none D) some; none of E) virtually all; some
The account that records a nation's economic transactions with other countries is
a. the current account b. the international monetary fund c. the foreign exchange market d. the balance of payments e. the capital account
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Once a company knows that a customer is no longer profitable, which of the folloiwng are appropriate options?
a. Collaborate to reduce costs of service b. Raise prices c. Fire the customer d. Keep the status quo e. All of the above f. Only A, B, and C