When the slope of the total production curve begins to flatten:
A. the marginal product must be decreasing.
B. diminishing marginal product must be occurring.
C. additional inputs adds less to total production than the inputs added before.
D. All of these are true.
D. All of these are true.
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A perfectly competitive firm
A) sells a product that has perfect substitutes. B) has a perfectly inelastic demand. C) has a perfectly elastic supply. D) Answers A and B are correct. E) Answers A and C are correct.
Gordon characterizes Modigliani as a prominent activist yet several implications of his life cycle hypothesis support the non-activists. One of these implications is
A) transitory increases in income associated with the business cycle are not expected to last a lifetime so current consumption is relatively stable. B) permanent increases in income associated with the business cycle are not expected to last a lifetime so current consumption is relatively stable. C) transitory increases in income associated with the business cycle are not expected to last a lifetime so current consumption is relatively unstable. D) transitory increases in income associated with the business cycle are to last a lifetime so current consumption is relatively stable.
The number of transactions a typical dollar is used in during a given period is called the:
A. velocity of money. B. transaction rate. C. quantity theory of money. D. transaction velocity.
A sales tax is an example of an excise tax
Indicate whether the statement is true or false