In a short-run production process, a diminishing marginal product of labor explains why marginal cost is
A. positive and rising.
B. negative and falling.
C. zero.
D. positive but falling.
Answer: A
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Remittances refers to:
A. the portion of money paid to immigrants that is not domestically taxed. B. money paid to immigrants from hosting countries. C. the money immigrants get from the government once they immigrate to a nation. D. money sent home from immigrants working abroad.
In Figure 4.4, supply elasticity is zero in graph:
A. A. B. B. C. C. D. D.
Suppose that GDP was $200 billion in year 1 and that all other components of expenditures remained the same in year 2 except that business inventories fell by $10 billion. GDP in year 2 is:
A. $180 billion. B. $190 billion. C. $200 billion. D. $210 billion.
Which of the following will NOT change the supply of personal computers?
A. An increase in consumers' incomes. B. A technological breakthrough that makes it much less costly to produce computer chips. C. A decrease in the wage paid to electrical engineers. D. None of the choices are correct.