Which statement below is the best summary of the economic point of view?
A) Society is created and designed by the government.
B) Society is controlled by major business conglomerates.
C) Society is an unintended outcome of individuals pursuing their own projects.
D) All of the above.
E) None of the above.
C
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Japan’s remarkable economic growth in the 20th century was a result of _____.
A political leader suggesting that an economic downturn will be better dealt with by allowing the built-in stabilizers to work is referring to
A. Tax policy changes. B. Monetary policy. C. Discretionary Fiscal Policy. D. Nondiscretionary Fiscal Policy.
The law of diminishing marginal returns states
A) that at some point, adding more of a variable input to a given amount of a fixed input will cause the marginal product of the variable input to decline. B) that at some point, adding more of a fixed input to a given amount of variable inputs will cause the marginal product of the variable input to decline. C) that in the presence of a fixed factor, at some point average product of labor starts to fall as more and more variable inputs are added. D) average total costs of production initially fall and after some point starts to rise at a decreasing rate as output increases.
If skilled labor is three times the cost of unskilled labor, a profit-maximizing firm will vary the quantity of each type of labor until the
a. marginal product of each is the same. b. amount of unskilled labor used is three times the quantity of skilled labor used. c. amount of unskilled labor used is one-third the quantity of skilled labor used. d. marginal product of unskilled labor is one-third that of skilled labor.