In order for the law of diminishing returns to be present, we must have
a. at least one factor of production to be fixed
b. output decreasing as more laborers are hired
c. the price of labor increasing as more workers are hired
d. simultaneous changes in labor and capital
e. double the output when labor input is doubled
A
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Income tax collections:
a. rise during a recession, thus reduce the severity of the recession. b. rise during a recession, thus increase the severity of the recession. c. fall during inflationary episodes, thus increase the severity of the inflation. d. fall during a recession, thus reducing the severity of the recession.
Which of the following statement is normative?
A. Higher taxes are needed to support education. B. A large budget surplus is likely to lower interest rates. C. Trade deficits frequently occur in conjunction with budget deficits. D. The interest rate increases are the result of Federal Reserve actions to decrease the money supply.
As the demand curve becomes steeper, the proportion of a sales tax paid by the seller
A. decreases. B. stays the same. C. increases. D. gets closer to zero.
What matters to people is the real value of money or income.
Answer the following statement true (T) or false (F)