If hiring more workers results in each additional worker contributing successively smaller amounts of output, then which of the following is present?
a. diminishing profitability
b. diminishing total product
c. diminishing marginal product
d. Both b and c are correct.
c
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Arguments for Protectionism
Suppose $1 buys 1.20 euros in January and then it buys 1.10 euros in the following December. As a result
A) the dollar has appreciated. B) the euro has appreciated. C) the euro has depreciated. D) both answers A and C are correct.
Based on the data in the table above, after which worker is hired do diminishing marginal returns begin?
A) the first B) the fifth C) the sixth D) the ninth
What is a primary market?
A) a market where primary inputs like steel are sold B) a market where you can sell any stocks you own as a private investor C) a market where you can sell any bonds you own as a private investor D) a market where newly issued claims are sold to initial buyers by the borrowing firm