A horizontal line has a slope of
A. one.
B. zero.
C. infinity.
D. undefined.
Answer: B
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If a variable input is added to some fixed input, beyond some point the resulting extra output will decline. This statement describes:
A. the law of diminishing returns. B. the law of diminishing marginal utility. C. economies and diseconomies of scale. D. X-inefficiency.
If output per capita grows by a constant 3% per year, then the standard of living would grow by about ________ over 4 years
A) 13% B) 14% C) 15% D) 16% E) 17%
According to quantitative estimates of the burden of the Navigation Acts on the colonies, what can be said about the (net) effect of the Acts?
a. The Navigation Acts placed a serious economic burden on the colonies, with estimates of this burden equaling roughly 40 percent of 1770s GNP. b. The Navigation Acts were the critical reason why colonists revolted against the British. c. After accounting for the protection provided by the British, there was very little economic burden to colonists from the Navigation Acts. d. Existing data do not allow for credible estimates of the economic burden of the Navigation Acts on the colonies.
Discuss the three ranges of the aggregate supply (AS) curve. What could cause the AS curve to shift to the left? What impact would a leftward shift of the AS curve have on the economy?