The production function shows that as employment increases, real GDP
A) increases until it reaches potential GDP and then it starts to decrease.
B) increases at a decreasing rate.
C) decreases at a decreasing rate.
D) increases at an increasing rate.
E) increases at a constant rate.
B
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Fears that the Munn v Illinois (1877) doctrine would result in excessive government control over businesses were not realized, for it actually had the effect of retarding government regulation
Indicate whether the statement is true or false
A specific tax:
A. is a fixed dollar amount that must be paid on each unit bought or sold. B. is a tax that is stated as a percentage of the good's price. C. is a tax that is stated as a percentage of the good's price, which increases as quantity bought increases. D. is a tax that is only paid by producers.
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains have not kept pace with the 3 percent rate of inflation. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement
a. normative; normative b. normative; positive c. positive; normative d. positive; positive e. proper; improper