The idea of "diminishing returns" means that real GDP ________ as the quantity of labor increases
A) increases at a slower rate
B) decreases at a slower rate
C) increases at a faster rate
D) decreases at a faster rate
E) does not change
A
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If supply is perfectly inelastic, a sales tax imposed on sellers is paid by
A) only the buyers. B) only the sellers. C) both the buyers and sellers. D) None of the above answers is correct.
A freeze in Florida's orange growing regions will:
A) result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic. B) result in a sharp increase in the price of oranges in the short run because demand and supply are highly elastic. C) result in a sharp decrease in the price of oranges in the short run because demand is highly inelastic and supply is highly elastic. D) result in little change in the price of oranges in the short run because supply is infinitely elastic.