Refer to Table 7.1. Diminishing returns set in with the ______ worker.
A. third
B. fifth
C. fourth
D. sixth
B. fifth
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Which of the following measures gives the earliest warning of increasing inflation?
A) the Consumer Price Index B) the Producer Price Index C) the Personal Consumption Expenditure Index D) All of these should signal the same short-run inflation.
Suppose the population falls by 1 percent. For the standard of living to rise
a. nominal GDP can fall by as much as 1 percent b. nominal GDP must grow by at least 1 percent c. real GDP must grow by at least 1 percent d. real GDP must fall by at least 1 percent e. nominal GDP must fall by more than 1 percent
___________ unitary elasticity in either a supply or demand curve refers to a situation where a price change of one percent results in a quantity change of one percent.
a. Inconsistent b. Constant c. Locked d. Temporary
Remittances refers to:
A. the portion of money paid to immigrants that is not domestically taxed. B. money paid to immigrants from hosting countries. C. the money immigrants get from the government once they immigrate to a nation. D. money sent home from immigrants working abroad.