Which of the following is not true about the law of diminishing returns?
A) It is a short-run phenomenon.
B) It refers to diminishing marginal product.
C) It will have an impact on the firm's marginal cost.
D) It divides Stage I and II of the production process.
E) All of the above are true.
D
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The percent by which import prices rise when the home currency depreciates by 1% is the degree of
A) pass-forward from exchange rates to import prices. B) pass-through from exchange rates to import prices. C) pass-on from exchange rates to import prices. D) roll-forward from exchange rates to import prices. E) pass-beyond from exchange rates to import prices.
A demand curve is a
A) graphical representation of the demand schedule. B) graphical representation of alternative demands. C) horizontal line connecting amounts demanded at various income levels. D) graphical relationship, that includes several things such as tastes, time, and supply.