Exhibit 7-3 A marginal product curve
As shown in Exhibit 7-3, the law of diminishing returns applies where there are:
A. more than 5 workers per day.
B. fewer than 2 workers per day.
C. fewer than 5 workers per day.
D. between 2 and 5 workers per day.
Answer: A
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An increase in technology for producing personal computers leads to
A) an increase in the demand for personal computers. B) a decrease in the demand for personal computers. C) an increase in the supply of personal computers. D) a decrease in the supply of personal computers.
If a government's income tax receipts exceed its expenditures, the government is running a
A) surplus and is a net borrower of funds. B) surplus and is a net saver of funds. C) deficit and is a net borrower of funds. D) deficit and is a net saver of funds.
An increase in the nonmonetary cost of purchasing a good
What will be an ideal response?
Many forms of seafood (lobster, crab legs, etc.) are consumed by dipping the meat in melted garlic butter. If someone suggested that it would therefore be equally appealing to drink melted butter after having eaten garlic and unseasoned seafood, you would know they had fallen victim to which of the following?
A. the fallacy that correlation is the same as causation B. a logical tautology C. the fallacy of composition D. none of the options are correct