Refer to Table 17.1. The employment rate for this simple economy is
A) 40%.
B) 50%.
C) 75%.
D) 80%.
D
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"The law of diminishing returns is the same as the decreasing returns to scale." Do you agree? Explain
What will be an ideal response?
Marginal external costs are
a. additional unpriced costs imposed on society by producing one more unit of a good b. the cost of damaged goods c. the additional cost of imported goods d. the total cost to society of producing a good e. the marginal cost divided by the marginal revenue
If the United States has a trade deficit, this means that
A. The U.S. economy produces more than it consumes. B. Exports exceed imports. C. Trade activity is limited to just a few goods. D. The trade balance is negative.
An expansionary gap in the short run results in _____
Fill in the blank(s) with the appropriate word(s).