The explanation for why marginal cost is positive and rising in the short run is ________ marginal product of labor in the production process.
A. an increasing
B. a zero
C. a constant
D. a diminishing
Answer: D
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With an increase in the demand for a good, if prices are not allowed to increase:
A) social surplus will be maintained at maximum. B) there will be no incentive for firms to increase the quantity supplied of the good. C) a surplus will occur in the market. D) there will be an increase in overall efficiency in the market.
Which of the following statements about the presence of speculators in futures markets is correct?
A) Their main objective is to reduce their exposure to risk. B) They aid hedgers by increasing the liquidity in futures markets. C) They make it difficult for hedgers to find someone to take the opposite side of their positions. D) Once a futures market participant is known to be a speculator he or she is no longer allowed to participate in the market.
A decline in household income that sets off a multiplier process causes
A. An increase in AD. B. A decrease in AS. C. A decrease in AD. D. An increase in AS.
Which of the following is the largest component of the GDP?
A. consumption expenditures B. government purchases C. net exports D. investment