In order for the law of diminishing returns to be present, we must have
a. at least one factor of production to be fixed
b. output decreasing as more laborers are hired
c. the price of labor increasing as more workers are hired
d. simultaneous changes in labor and capital
e. double the output when labor input is doubled
A
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In the United States, nominal interest rates were
a. high in the 1970s and 1990s. b. low in the 1970s and 1990s. c. high in the 1970s and low in the 1990s. d. low in the 1970s and high in the 1990s.
A Starbucks Grande Latte costs $3.75 in the U.S. and 28 yuan in China. The nominal exchange rate is 6.75 yuan per dollar. The real exchange rate is
a. 1.106 . If purchasing-power parity held the nominal exchange rate would be higher. b. 1.106 . If purchasing-power parity held the nominal exchange rate would be lower. c. .904 . If purchasing power parity held the nominal exchange rate would be higher. d. .904 . If purchasing-power parity held the nominal exchange rate would be lower.