Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. 
If the capital stock is fixed at one unit, diminishing returns begin with the
A. first unit of labor.
B. second unit of labor.
C. third unit of labor.
D. fourth unit of labor.
E. fifth unit of labor.
Answer: C
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The price of the steel used to produce car engines increases. How does this price hike affect the demand curve for cars?
A) The demand curve shifts leftward. B) The demand curve shifts rightward. C) The demand curve does not shift. D) There is not enough information to tell how the change shifts the demand curve for cars.
Government standards for products sold in the domestic market can have the effect of protecting domestic producers from foreign competition
a. True b. False Indicate whether the statement is true or false
Monopoly profit cushions the losses that may arise from a failed technological change
Indicate whether the statement is true or false
Which of the following is NOT a beneficial aspect of trade?
A. Someone who owns a good of relatively little value can trade it for something they value more. B. Trade frees people from the need to produce everything themselves. C. Trade allows people to specialize in whatever they do best. D. Trade eliminates the problem of scarcity.