The law of diminishing returns makes it clear that as more a variable input is employed, in the ________ the marginal product of the variable input eventually will ________
A) short run; rise
B) long run; rise
C) short run; fall
D) long run; fall
C
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In recent years, the average prison sentence for managers convicted of violating the Sherman Act is ________ years.
A) five B) two C) three D) ten
Suppose that I rose by $50 billion with a multiplier of 6. What happened to GDP?
What will be an ideal response?
Recall the Application about the short-run and long-run elasticity of supply of coffee to answer the following question(s). Recall the Application. If the price of coffee beans increases by 20 percent and stays there for a year, the quantity of coffee supplied will ________ by a relatively ________ amount.
A. increase; large B. increase; small C. decrease; large D. decrease; small
A macroeconomist would most likely study
A) the effects of changing grape prices on the market for oranges. B) the effects of an increase in wage rates on a woman's decision to enter the labor force. C) the effects of a lower income tax rates on the nation's total production of goods and services. D) the effect of increased union wages on the cost of producing automobiles.