If adding an initial 100 billion labor hours per year increases real GDP by $3 trillion, diminishing returns informs us that an additional 100 billion labor hours per year will increase real GDP by
A) exactly $3 trillion.
B) less than $3 trillion.
C) more than $3 trillion.
D) either exactly $3 trillion or by less than $3 trillion, depending on whether the real wage rate remains constant or rises.
E) some amount but there is not enough information to tell by how much.
B
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The First Continental Congress met in September and October of 1774 and listed several complaints against the British government, including
(a) an objection not to the Navigation Acts but to the taxation without consent. (b) the argument that they were entitled to all the rights of British citizenship. (c) the demand that virtually all of the laws passed by Britain on the colonies since 1763 be repealed. (d) all of the above.
Which of the following characterizes the market that Panera Bread competes in?
A) All "fast-casual" restaurants face horizontal demand curves. B) "Fast-casual" restaurants sell identical products. C) Barriers to entry are low. D) There are a small number of firms.