When diminishing marginal returns set in, marginal product is
a. positive and increasing
b. positive and decreasing
c. negative and increasing
d. negative and decreasing
e. zero
B
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Holding other things constant, decreases in the price level in the US will
a. Cause the dollar to appreciate b. Cause the dollar to depreciate c. Cause no change in dollar value d. None of the above
A quota is
a. a tax placed on imports. b. a limit on the quantity of imports. c. a tax on exports to other countries. d. an excess of exports over imports.
There are apartments in Chicago whose rooftops overlook Wrigley Field. On game day you can find free riders on the roof enjoying ____.
A. free property rights B. an externality C. a public good D. excess utility
Other things equal, the monopsonistic employer will pay a:
A. lower wage rate and hire fewer workers than will a purely competitive employer. B. higher wage rate but hire fewer workers than will a purely competitive employer. C. lower wage rate but hire a larger number of workers than will a purely competitive employer. D. higher wage rate and hire a larger number of workers than will a purely competitive employer.