Diminishing returns occurs because
A) consumers don't buy enough of the products produced.
B) one of the inputs in the production process is fixed.
C) not enough people have jobs.
D) two people have not satisfied their self-interests.
B
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Refer to Table 20-1. The labor force participation rate for this simple economy equals
A) (1,100/15,000 ) × 100. B) (1,000/15,000 ) × 100. C) (1,000/1,100 ) × 100. D) (1,100/20,000 ) × 100.
According to the second monetarist proposition, which of the following factors do not determine the level of real output in the long run?
a. The stock of capital goods b. The size of the labor force c. The quality of the labor force d. The state of technology e. The quantity of money
If U.S. real GDP grew from $12 trillion one year to $12.7 trillion the next, the annual growth rate would be:
A. 5.8 % B. 94.4 % C. 105.8 % D. 5.5 %
Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000 . and her expenses for the business were $15,000 . When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting
business. Julia's accounting profits are a. $160,000. b. $150,000. c. $135,000. d. $125,000.