The law of diminishing returns indicates that the marginal physical product of a variable input declines as more of it is employed, ceteris paribus.
Answer the following statement true (T) or false (F)
True
The problems of crowded facilities apply to most production processes in the short run because of fixed resources, so as an input increases the marginal output declines.
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________ unemployment arises from a mismatch of skills and jobs
A) Cyclical B) Frictional C) Structural D) Inflationary
The 2002 federal tax cuts _____
a. were based on efficiency considerations b. were based on equity considerations c. were based on budgetary considerations d. did not have a clear motivation
Assume that you know the following cost information about Fred's widget company: Its fixed cost is $9, and its total variable cost is $6 for 1 unit; $11 for 2; $ 15 for 3; 20 for 4; and 26 for 5 . Given the above information, a. the marginal cost of providing the second unit is $5. b. the total cost of producing 4 units is $29
c. the average total cost of producing five units is $7. d. all of the above are true.
Which of the following lists contains, in this order, natural resources, human capital, and physical capital?
a. For a restaurant: the land the restaurant was built on, the money it borrowed to buy supplies, the freezers where the chops and steaks are kept. b. For a furniture company: wood, the skills and knowledge of its workers, saws. c. For a railroad: fuel, railroad engines, railroad tracks. d. None of the above is correct.