"When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly.". This statement
a. represents an unconventional view of the production process.
b. is an assertion that capital is subject to increasing returns.
c. is made under the assumption that the quantities of human capital, natural resources, and technology are being held constant.
d. All of the above are correct.
c
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Who is the leading proponent of the monetarist theory?
a. John Maynard Keynes b. Paul Volcker c. Adam Smith d. Milton Friedman e. Alan Greenspan
The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium?
A. $4.5 million B. $9 million C. $13.5 million D. $27 million
Label the graph below with respect to inflation, disinflation, and deflation.
A policy in which the marginal costs of undertaking the policy equal the marginal benefits of that policy is best called an:
A. incentive policy. B. opportunity policy. C. optimal policy. D. equality policy.