Diseconomies of scale:
a. occur only in the short run.
b. occur when at least one resource is fixed and unit costs decrease as the quantity of production increases.
c. occur when at least one resource is fixed and unit costs increase as the quantity of production increases.
d. are represented by the upward-sloping portion of the short run average total cost curve.
e. occur when all resources are variable and unit costs increase as the quantity of production increases.
e
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According to the text, during which time period did the United States have the highest unemployment rates?
A) 1930s B) 2000s C) 1950s D) 1980s
A large part of the principal-agent problem stems from the desire of
A) agents to work hard. B) agents to avoid working. C) principals to work hard. D) principals to avoid working.
The marginal product of labor
A) is measured by the slope of the production function relating capital to employment. B) is larger when the labor supply is relatively larger. C) is smaller when the labor supply is relatively smaller. D) decreases as the number of workers already employed increases.
A major cause of the Great Recession was:
a. A severe increase is U.S. banking regulations that prohibited or stalled the free market. b.Excessive foreign exchange speculation. c. Contractionary fiscal policies. d. Excessive money creation by the Federal Reserve immediately before and during the downturn. e. A shift from an "originate-to-hold" to an "originate-to-distribute" mortgage origination strategy.