Marginal returns start to decrease when more and more workers _______
A. have to share the same equipment and workspace
B. produce less and less output
C. require jobs to be too specialized
D. produce less and less average product
A With no more equipment or workspace, eventually as addi-tional workers are employed, less additional output is pro-duced.
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We calculate the price elasticity of demand as the
A) ratio of the percentage change in the quantity demanded to the percentage change in price. B) change in quantity divided by the change in price. C) ratio of the percentage change in the price to the percentage change in quantity. D) percentage change in the quantity demanded divided by the percentage change in income. E) equilibrium quantity divided by the equilibrium price.
A limit on the amount of strawberries that can be imported into the United States is an example of
A) the rationing function of prices protecting domestic strawberry farmers. B) a price floor set by the government. C) a price ceiling set by government. D) an import quota.
Discrimination by a manager in the hiring process may be consistent with the decision to maximize profits if
a. customers are willing to pay higher prices in order to maintain the discrimination. b. the discrimination is based on race but not gender. c. the discrimination is based on gender but not race. d. Discrimination is never consistent with profit maximization.
All of the following are ways to control currency convertibility EXCEPT ________.
A) import licenses B) multiple exchange rates C) import deposits D) purchasing power parity