The law of diminishing marginal returns
A) sets in because not all workers are equally productive.
B) applies only in the short run.
C) holds even when there are no fixed factors.
D) ultimately explains why production displays diseconomies of scale.
Answer: B
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Paul Volcker was appointed to head the Federal Reserve System by ________
A) Richard Nixon in 1969 B) Jimmy Carter in 1979 C) Ronald Reagan in 1992 D) Barack Obama in 2009
How can the Cambridge equation be restated according to Friedman's money demand theory?
a. Md = k(rB, rE, rD)Py b. Md = k/Py(rB, rE, rD) c. Md = Py/k(rB, rE, rD) d. Md = (rB, rE, rD)Py/k
When a country imposes an import quota, its exchange rate
a. rises because the supply of dollars in the market for foreign-currency exchange falls. b. falls because the supply of dollars in the market for foreign-currency exchange rises. c. rises because the demand for dollars in the market for foreign-currency exchange rises. d. falls because the demand for dollars in the market for foreign-currency exchange falls.
In what ways did government subsidize agriculture over the past sixty years? What were the most important aspects of this assistance?
What will be an ideal response?