The explanation for why marginal cost is positive and rising in the short run is ________ marginal product of labor in the production process.
A. a constant
B. a zero
C. an increasing
D. a diminishing
Answer: D
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Individual families exhibit remarkable year-to-year stability in income
Indicate whether the statement is true or false
Real GDP refers to nominal GDP adjusted for
a. depreciation. b. price changes. c. exports. d. taxes and saving.
A high proportion of the population under the age of 15 undermines economic growth because
a. the young require more infrastructure than older people b. the young require more capital goods than older people c. they present such a huge increase in human capital d. the young consume but they do not produce e. they increase per capita income
Thomas Malthus' prediction of mass starvation resulting from diminishing marginal returns has not been fulfilled because
A) the law of diminishing marginal returns did not hold in this case. B) Malthus ignored other factors like technological change. C) relative to Malthus' day, larger percentage of today's labor works in the agricultural sector. D) All of the above.