One worker produces 10 rocking chairs. If diminishing returns have already set in, a firm will need to hire more than two workers to produce 20 rocking chairs.

Answer the following statement true (T) or false (F)


True

Economics

You might also like to view...

Which of the following is least accurate?

a. In 2007, the United States imports significantly more than it exports. b. Tariffs from imported goods accounted for over 90% of federal government revenue for the first 80 years of the United States. c. The largest trading partner of the colonial United States was England. d. In the late 1800s the US significantly increased its imports of raw materials to fuel its increased production of manufactured goods. e. During the Napoleonic War, the United States' exports decreased significantly because the war disrupted trade routes.

Economics

When the government raises spending to promote economic growth, the Fed sells government bonds on the open market. This implies that the Federal Reserve and the federal government are following different policy goals

a. True b. False Indicate whether the statement is true or false

Economics

Suppose a bank has $3 million in excess reserves and total reserves of $10 million. A required reserve ratio of 10% is applicable to all deposits at the bank. What is the total amount of deposits at the bank?

a. $70 million b. $40 million c. $10 million d. $30 million e. $100 million

Economics

A decrease in the price level will _____

Fill in the blank(s) with the appropriate word(s).

Economics