Which of the following statements correctly describes a total product curve?
A) Points above the total produce curve are efficient.
B) The curve shows that output always increases as labor employed increases.
C) The curve separates attainable outputs from unattainable outputs.
D) The curve shows minimum levels of output.
E) The curve first falls, reaches a minimum, and then rises.
C
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Define induced expenditure and autonomous expenditure. Which expenditure items are induced expenditure and which are autonomous expenditure?
What will be an ideal response?
The costs affecting decisions to supply always lie in the
A) future. B) opportunities already forgone. C) past. D) present. E) surplus between demand and supply.
The position of a cartel will become weaker if there is ________ excess-capacity among the firms belonging to the cartel
A) minimum B) no C) zero D) high
The two broad fields that make up the subject of economics are:
A. microeconomics and macroeconomics. B. personal investments and business investments. C. fiscal policy and monetary policy. D. imports and exports.