Refer to the data. Diminishing returns begin to occur with the hiring of the _________ unit of labor
Use the following data to answer the question:
A. first
B. second
C. third
D. seventh
C. third
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What is export promotion? Give a few examples of countries that have tried it
What will be an ideal response?
If your wages are indexed so that they automatically adjust for inflation, in a period of continued high inflation, the cost of the goods and services you buy ____ and your nominal income ____
a. decreases, decreases b. increases, increases c. decreases, remains the same d. increases, remains the same
Taxes create deadweight losses because they
a. reduce costs for firms. b. distort incentives. c. cause prices to decrease. d. create revenue for the government.
Refer to the graphs shown.
The maximum profits that a lazy monopolist whose average total costs are given by the ATC (X-inefficient) curve but who still produces the profit-maximizing quantity might earn is best shown by the area:
A. C + D in graph (2). B. C in graph (2). C. A+ B in graph (1). D. A in graph (1).