The version of the law of diminishing returns that applies to production
A. applies only in the short run.
B. is true only when all inputs are variable.
C. implies that as we add more workers our output decreases.
D. applies in the short and long run.
Answer: A
Economics
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Induced expenditure is any expenditure that
A) is fixed for all price levels. B) is fixed for all levels of real GDP. C) changes when real GDP changes. D) changes when the interest rate changes. E) is fixed for all levels of the interest rate.
Economics
Bar owners often offer lower beer prices to women than they do to men. This will increase bar revenues:
a. if women have a unit-elastic demand for beer. b. if women have an inelastic demand for beer. c. if women have an elastic demand for beer. d. if women have a negative income elasticity of demand for beer.
Economics