In the short run, the law of diminishing returns
A. Can be observed in every production process.
B. Does not occur in command economies.
C. Occurs for only a few economies.
D. Can be overcome by using more variable inputs.
Answer: A
You might also like to view...
Given the following data for the economy, compute the value of GDP.Government purchases of goods and services10Consumption Expenditures70Exports5Imports12Change in inventories-7Construction of new homes and apartments15Sales of existing homes and apartments22Government payments to retirees17Business fixed investment9
A. 56 B. 141 C. 83 D. 90
If firms successfully gather information about consumers before offering them insurance, and if this leads to a separating equilibrium, efficiency is restored.
Answer the following statement true (T) or false (F)
Which of the following is true of the federal budget? a. The federal budget is a plan that describes a government's monetary policy for the current financial year
b. The federal budget is a plan that describes a government's fiscal policy for the current financial year. c. The federal budget is a plan that describes the president's take on the economy. d. The federal budget is a plan for federal government outlays and revenues for a specified period, usually a year. e. The federal budget is a plan that describes the eligibility criteria of the major entitlement programs taken up by Congress for the current financial year.
Suppose market demand and supply are given by Qd = 100 - 2P and QS = 5 + 3P. If a price ceiling of $15 is imposed,
A. there will be neither a surplus or shortage. B. there will be a surplus of 40 units. C. there will be a shortage of 20 units. D. there will be a shortage of 40 units.