In the table above, diminishing returns
A. begin with the fourth unit of labor.
B. begin with the fifth unit of labor.
C. begin with the third unit of labor.
D. begin with the first unit of labor.
E. do not occur because output is positive for all levels of labor usage.
Answer: C
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The table above has real and nominal GDP for two years for a foreign country
a. What does the GDP price index equal in 2010? What does the value of the GDP price index tell you about 2010? b. What does the GDP price index equal in 2011?
Explain the role played by technological change in classical growth theory, neoclassical growth theory, and new growth theory
What will be an ideal response?
Throughout the post-World War II era, the importance of tariffs as a trade barrier has
A) increased. B) decreased. C) remained the same. D) fluctuated wildly. E) demonstrated a classic random walk with a mean-reversion tendency.
An expenditure-changing policy
A) alters the direction of the economy's total demand for goods and services. B) alters the level of the economy's total demand for goods and services. C) has no effect on aggregate demand. D) is the same thing as an expenditure-switching policy. E) affects aggregate supply but not aggregate demand.