The point of diminishing returns means that output will decrease at an increasing rate
Indicate whether the statement is true or false
FALSE
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The costs associated with recalculating prices and printing new price lists when there is inflation are known as
A) menu costs. B) diminishing costs. C) shoe leather costs. D) chain-index costs.
Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, and you decide to go to the park, then
A) your friends at the beach will switch to the park. B) you and your friends at the park will switch to the beach. C) your friends at the beach will switch to the park and your friends at the park will switch to the beach. D) your friends will all stay where they are.
Refer to the above figure. The market clearing price is
A) $2. B) $6. C) $8. D) $10.
Economists favor a negative income tax because they believe
a. that it will create more jobs for economists to monitor the program. b. the current welfare programs have excessively high work incentives, which result in less total work. c. it is more efficient than the existing welfare system because NIT provides better work incentives. d. All of the above are true.