Which of the following is not true about the law of diminishing returns?
A) It is a short-run phenomenon.
B) It refers to diminishing marginal product.
C) It will have an impact on the firm's marginal cost.
D) It divides Stage I and II of the production process.
E) All of the above are true.
D
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Employing Figure 4-1 above, if Y increases by 3000 and the interest rate is fixed at 5% then the sensitivity of real money balances to changes in real income is
A) 0.67. B) 0.33. C) -0.67. D) -0.33.
By 1825, which area in the New World had the greatest portion of slaves?
a. Spanish colonies b. The West Indies c. The United States d. Brazil
Is it possible for a currency to appreciate relative to another currency, and depreciate relative to a third? a. No, this is not theoretically possible; a currency rises or falls against all others. b. No, although this could occur under a strict gold standard
c. Yes, this is possible in a world of floating exchange rates. d. Yes, in theory, but it does not happen in reality.
Proponents of a balanced government budget acknowledge that running a budget deficit is justifiable in time of war
a. True b. False Indicate whether the statement is true or false