(Consider This) If the law of diminishing returns applies to study time:
A. the tenth hour of study will likely be less productive than the third.
B. this implies that longer lectures are less productive than shorter ones.
C. there is no benefit to studying a subject more than five hours in any given day.
D. people with less intelligence necessarily experience diminishing returns sooner than those
with greater intelligence.
Answer: A
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Wages paid to teachers, police personnel, and postal workers are not transfer payments because they are payments for services and not simply "transfers" of money
Indicate whether the statement is true or false
Distinguish between the short run and the long run
What will be an ideal response?
Monetary and fiscal policy making that is carried out in response to a pre-set rule and does not respond to changes in economic activity is known as
A) active policy making. B) discretionary policy making. C) nondiscretionary policy making. D) Keynesian policy making.
An increase in expected inflation shifts the
a. short-run Phillips curve right. b. short-run Phillips curve left. c. long-run Phillips curve right. d. long-run Phillips curve left.