Fill out the table and answer the question below. 
Diminishing returns begin with the
A. sixth unit of labor.
B. fourth unit of labor.
C. first unit of labor.
D. third unit of labor.
Answer: D
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Compared with the recovery from the recession of 1981-82, the recovery from the recession of 2008-09 was characterized by
a. more rapid growth of real GDP. b. a more rapid decline in the rate of unemployment. c. larger increases in both government spending and budget deficits as a share of GDP. d. higher interest rates and a more restrictive monetary policy.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
Suppose that the price elasticity of supply is 0.8 and the price increases by 10%. We would predict:
A. an 8% increase in quantity supplied. B. a 12.5% increase in quantity supplied. C. a 0.8% increase in quantity supplied. D. a 1.25% increase in quantity supplied.
If firms have ________ and if they set prices and wages on this basis, then prices and wages will, on average, be set at market-clearing levels.
A. rational expectations B. negative inventories C. no competition D. excess capacity