Look at the production schedule below:
Workers 0 1 2 3 4 5
Output 0 45 80 100 130 165
Which property of a standard production function does it violate?
A) constant returns to scale
B) decreasing marginal product of capital
C) decreasing marginal product of labor
D) production increasing in labor
C
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An upward sloping short-run aggregate supply curve suggests that
A) prices and wages are completely inflexible. B) prices and wages adjust in part to short-run demand changes. C) prices and wages are completely flexible. D) real GDP is determined by aggregate supply.
Economic growth is:
A. about the quality of life for all sectors of society. B. an indicator of individual poverty. C. a measurement of available resources. D. the measure of changes in real GDP.
Economics is the study of choices we make among our many wants and desires
a. True b. False Indicate whether the statement is true or false
Which of the following will NOT cause a rightward shift in the supply curve?
A) an improvement in technology B) a reduction in resource costs C) a reduction in the expected future price D) none of the above