Marginal product in the short run:
A. increases at all levels of production.
B. diminishes at all levels of production.
C. may initially increase, then eventually decrease.
D. may initially decrease, then eventually increase.
Answer: C
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Use the following table to answer the next question.YearAltaZornAltaZorn?(Real GDP)(Real GDP)(Population)(Population)1$2,000$150,00020050022,100152,00020250532,200154,000210508Between years 2 and 3
A. Alta's real GDP grew more rapidly than Zorn's real GDP. B. real GDP fell in Zorn. C. population fell in Alta. D. population growth reduced Alta's real GDP growth to zero.
Suppose the cost of producing two goods, x and y, can be represented as C = ax + by + cxy. If there are diseconomies of scope, then which of the following must be TRUE?
A) a = b B) a + b = -c C) c > 0 D) c < 0
Which fact about the term structure is the expectations theory unable to explain?
A. Why interest rates on bonds with different terms to maturity tend to move together over time. B. Why longer-term yields tend to be higher than shorter-term yields. C. Why yields on short-term bonds are more volatile than yields on long-term bonds. D. Why long-term bond yields are influenced by expected future short-term bond yields.
The value of the absolute price elasticity of demand for good A is 3. The absolute price elasticity for good B is 2. Which good's quantity demanded is less responsive to a change in price?
A. Good A B. Good B C. They are equally responsive. D. Not enough information is given.