Once decreasing marginal returns sets in a production process ________ declines
a. total revenue
b. total product
c. average product
d. marginal product
d
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An analysis of the incidence of a unit tax on suppliers versus a unit tax on demanders shows us that the _____ of a tax may be different from the _____ of a tax
a. actual burden; distribution b. payment; distribution c. amount; incidence d. actual burden; legal assignment
Refer to Figure 6.1. At point C
A) the marginal product of labor is greater than the average product of labor. B) the average product of labor is greater than the marginal product of labor. C) the marginal product of labor and the average product of labor are equal. D) the marginal product of labor and the average product of labor are both increasing. E) Both B and D are correct.
The current base period for the CPI is
a. 1967. b. 1977. c. 1982–1984. d. 1990.
Gold is an excellent store of value because of its
a. divisibility, portability, and homogeneity b. divisibility and durability c. durability and relative scarcity d. durability and homogeneity e. divisibility, durability, and relative scarcity