The law of diminishing marginal returns describes changes in output when inputs change
Indicate whether the statement is true or false
True
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Refer to Figure 18.1. The opportunity cost of hang gliders in the United States is
A) 1/4 of a bicycle. B) 1/3 of a bicycle. C) 3 bicycles. D) 4 bicycles.
Which of the following would NOT be a sign that China wants to become a high technology producer?
A) More patents are being sought and granted in China B) Large spending on infrastructure C) Rapid expansion of science, engineering and research D) Less emphasis on education spending
Which one of the following variables is most likely to decline as production effort increases?
a. Marginal cost b. Total revenue c. Marginal revenue d. Total costs e. Total production
An informal definition of a recession is at least ________ consecutive quarters of declining real GDP.
A. eight B. two C. four D. six