In the above figure, which point represents an attainable but inefficient production point?
A) point C
B) point N
C) point L
D) point D
B
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The law of diminishing marginal returns says that as the firm uses more of ________, with a given quantity of ________, the ________ product of the variable input eventually diminishes
A) a fixed input; variable inputs; marginal B) all inputs; capital; average C) a variable input; fixed inputs; average D) a variable input; fixed inputs; marginal
To determine the consumer price index (CPI), _____
a. the values of the current market basket at current and base-year prices need to be known b. the values of the base-year market basket at current and base-year prices need to be known c. the values of the current market basket at current prices and the base-year market basket at base-year prices need to be known d. only the current market basket at base-year prices needs to be known e. only the current market basket at current prices needs to be known
A brand name makes a product a commodity
Indicate whether the statement is true or false
What is the main selection issue researchers must address when trying to estimate the effectiveness of government training programs?
A. Government training programs are usually geared toward developing general skills rather than providing specific job training. B. Evaluation schemes tend to lose track of participants once they start a new job after the training. C. Most government training programs are only offered to the unemployed and not to workers who would like to switch jobs. D. The true cost of government training programs is unknown because unemployed workers also receive welfare benefits. E. The most motivated unemployed workers are the ones who are also most likely to take advantage of government training programs.