If we moved from point T to point R we would be
A. giving up trips for more transplants.
B. giving up transplants for more trips.
C. gaining both trips and transplants.
D. losing both trips and transplants.
B. giving up transplants for more trips.
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According to the principle of diminishing returns to labor, if the amount of capital and other inputs are held constant, employing additional workers:
A. increases output at an increasing rate. B. increases output at a decreasing rate. C. increases output at a constant rate. D. decreases output at an increasing rate
Supply-side economists argue that decreasing marginal tax rates
A) increases productivity and shifts the AS curve to the right. B) increases productivity and shifts the AS curve to the left. C) increases productivity and shifts the AD curve to the left. D) due to the Ricardian equivalence, has no impact on the economy.
____ is a doctrine that holds that exports are good for a country, whereas imports are harmful
a. Supply-side economics b. Mercantilism c. Free trade d. Monetarism
The most volatile category of GDP is _____ because those expenditures ______.
a. investment; are influenced by economic, political, and social variables b. disposable income; comprise the largest component of aggregate demand c. exports; capture the interaction of the U.S. economy with the rest of the world d. consumption; involve government spending on new goods and services produced