If the capital stock decreases, then the economy will produce ____ output with the ____ amount of labor.
A. same, same
B. less, same
C. more, same
D. more, decreased
Answer: B
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For a typical firm, the portion of the AC curve that is downward-sloping is because production
A. exhibits decreasing returns to scale. B. creates innovative technological progress. C. economies of scale. D. exhibits rising total product.
A firm whose production process exhibits constant returns to scale would find that if it doubled all of its inputs, its output would ________.
A. less than double B. remain constant C. more than double D. double
Which of the following are examples of financial assets that pay a long-term interest rate?
A. Money and CDs B. Saving deposits and checking accounts C. Cash and currency D. Mortgages and government bonds
Which of the following statement(s) is (are) false?
A) If the change in total utility for apples is 50 utils and the change in consumption of apples is 5 units, then marginal utility is 10. B) Economists do not actually need to measure the level of satisfaction to discern preferences for alternative combinations of goods. C) The concept of elasticity of demand was originated by Alfred Marshall. D) None of the above (that is, all statements are true).