The law of diminishing marginal returns in a manufacturing plant of a fixed capacity implies that, eventually, employing
A. one less worker will decrease the average product per worker.
B. one less worker will not affect the average product per worker.
C. one more worker will increase the average product per worker.
D. one more worker will decrease the average product per worker.
Answer: D
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Suppose a consumer only consumes goods x and y, and suppose that x is a normal good while y is an inferior good. Which of the following is might be true?
A. The cross-price elasticity of demand for x is positive. B. The cross-price elasticity of demand for x is negative. C. The own-price elasticity of demand for y is positive. D. The own-price elasticity of demand for y is negative. E. Both (a) and (c). F. Both (b) and (d). G. All of the above. H. None of the above.
Both ________ and ________ are monetary liabilities of the Fed
A) securities; loans to financial institutions B) currency in circulation; reserves C) securities; reserves D) currency in circulation; loans to financial institutions
Refer to the accompanying figure. At P = 8 and Q = 4, D1 is ________ elastic than D2, which is shown graphically as D1 being ________ D2.
A. less; flatter than B. more; steeper than C. less; steeper than D. more; flatter than
Suppose monetary neutrality holds and velocity is constant. A 4 percent increase in the money supply
a. increases the price level by more than 4 percent. b. increases the price level by 4 percent. c. increases the price level by less than 4 percent. d. increases real GDP by 4 percent.