Because there are ________ for total factor productivity, ________ must be the explanation for increases in labor productivity and the standard of living
A) diminishing marginal returns; capital accumulation
B) no diminishing marginal returns; total factor productivity
C) no diminishing marginal returns; capital accumulation
D) diminishing marginal returns; total factor productivity
B
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In the figure above, what is the equilibrium price and quantity?
What will be an ideal response?
What is product differentiation? What market structure is characterized by product differentiation?
What will be an ideal response?
Empirical evidence that changes in monetary policy do not cause rapid price adjustments ________
A) is consistent with the Keynesian emphasis on short-run economic fluctuations B) suggests that policymakers need not worry much about inflation C) remains limited and unconvincing D) is consistent with the classical dichotomy E) none of the above
You purchase a $30, nonrefundable ticket to a play at a local theater. Ten minutes into the show you realize that it is not a very good show and place only a $10 value on seeing the remainder of the show. Alternatively you could leave the theater and go home and watch TV or read a book. You place an $8 value on watching TV and a $12 value on reading a book
a. You should stay and watch the remainder of the show. b. You should go home and watch TV. c. You should go home and read a book. d. You should go home and either watch TV or read a book.