Refer to the diagram. At output level Q:
A. marginal product is falling.
B. marginal product is rising.
C. marginal product is negative.
D. one cannot determine whether marginal product is falling or rising.
A. marginal product is falling.
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Which of the following parts of Social Security was not part of the original program?
A. Benefits to widows B. Benefits to orphans C. Medicare D. Retirement benefits
A company office can be thought of as
A. a trade-off with land. B. a land and labor combination. C. a type of entrepreneurship. D. physical capital.
If the price in Japan of a U.S. dollar becomes a larger number of yen, the U.S. dollar has ________. The yen has ________ because it buys ________ dollars
A) depreciated; appreciated; more B) appreciated; depreciated; more C) appreciated; appreciated; fewer D) appreciated; depreciated; fewer E) appreciated; appreciated; more
In most economies, resources are allocated by
A) a central planning board. B) a dictator. C) the combined and decentralized actions of millions of people. D) the majority's will.