The law of diminishing marginal productivity applies whenever:
A. output is increased.
B. only one input is increased.
C. decreasing returns to scale are present.
D. all inputs are increased.
Answer: B
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The government of Putania spent $67,000,000 in a particular year, and the total tax receipts of the government in that year were $120,000. Calculate the budget deficit
A) $600,000 B) $680,000 C) $67,120,000 D) $66,880,000
Elasticities are used to measure responses to a change in:
A. the price of a good. B. the price of a related good. C. income. D. All of these are true.
The marginal cost of serving an additional user of a public good is zero
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true of wages, educational attainment, and gender?
a. Male workers are compensated for attending college, while female workers generally are not. b. Female workers are compensated for attending college, while male workers generally are not. c. Both genders receive a higher wage for attending college. d. Neither gender receives a higher wage for attending college.