Diminishing returns to labor implies that eventually the marginal product of labor will become negative.
a. true
b. false
Ans: b. false
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If the prices of goods and services were expressed in terms of coconuts, then coconuts would be serving as a
A) medium of exchange. B) store of value. C) standard of value. D) fiat money.
A government fulfills a protective function when it
(a) gives cash payments to the poor. (b) provides funds for flood control projects and builds highways. (c) prevents illegal seizure of private property. (d) redistributes income.
Sometimes a unitization contract between two oil field owners will require them to turn operations over to a third party because each owner has an incentive to secretly increase output
Indicate whether the statement is true or false
U.S. imports are considered:
a. a credit or plus item in the U.S. balance of payments. b. a credit or minus item in the U.S. balance of payments. c. a debit or plus item in the U.S. balance of payments. d. a debit or minus item in the U.S. balance of payments.