If in the short run total product is decreasing as more workers are hired, then the marginal physical product is
A. positive.
B. increasing.
C. negative.
D. zero.
Answer: C
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In 1991, Congress levied a 10 percent luxury tax on yachts over $100,000 . The tax brought in far less than was anticipated, they must have passed the legislation thinking the demand for yachts was more ___ than it actually was
a. elastic b. inelastic c. unit elastic d. none of the above
In 2008 if the poverty line had been set lower, the poverty rate would have been ________.
Fill in the blank(s) with the appropriate word(s).
The aggregate demand/aggregate supply model helps us to understand key ______ variables.
a. macroeconomic b. microeconomic c. determinant d. cost-push
Professor Tabarrok suggests that the most important thing to understand about the AD curve is that:
A. changes in monetary or fiscal policy are incapable of shifting the AD curve. B. changes in inflation can rotate the AD curve. C. changes in spending growth can shift the AD curve. D. changes in real GDP growth cause movement along the AD curve.