For a competitive firm experiencing diminishing marginal productivity, the value of the marginal product (i) increases when the price of output decreases. (ii) changes when marginal product changes. (iii) diminishes as the number of workers rises
a. (i) and (ii)
b. (i) and (iii)
c. (ii) and (iii)
d. All of the above are correct.
c
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According to the textbook, when a foreign government provides aid to a poor nation, it
A) interferes in the domestic affairs of the poor nation. B) behaves in the interest of the poor nation. C) pursues the global interest. D) does all of the above. E) does none of the above.
Which of the following is a stock variable?
a. Saving b. Consumption c. Income d. Investment e. Money
If two foods are perfect substitutes, the cross elasticity between them is
a. zero b. negative c. between zero and one d. infinite e. there is no specific cross elasticity for perfect substitutes
Which statement is true?
A. The lower incomes that women earn relative to those earned by men is explained entirely by employment discrimination. B. Although there are many theories of poverty, few have any validity. C. Much of black poverty is caused by black male joblessness. D. None of these statements are true.