Given the table below, if capital is fixed at one unit, diminishing returns begin with the
Amount of total output produced from various combinations of labor and capital.
A. first unit of labor.
B. second unit of labor.
C. third unit of labor.
D. fourth unit of labor.
E. none of the above
Answer: C
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Union membership, in terms of percentage of the U.S. civilian labor force
A) has increased steadily since the passage of the Wagner Act. B) peaked about 1960 and has since declined. C) was over 50 percent in 1987. D) has increased dramatically since 1970.
International trade is the major cause of rising income inequality in the United States
Indicate whether the statement is true or false
Suppose there are two good types (Type 1 and Type 2) and suppose the weights for the types are 70% for Type 1 and 30% for Type 2. Suppose the Price Index for Type 1 is 200 and the Price Index for Type 2 is 100. The overall price index is
A. 150. B. 140. C. 300. D. 170.
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.