The principle of diminishing returns implies that as one input increases while the other inputs are held fixed, output:
A. increases at an increasing rate.
B. increases at a decreasing rate.
C. decreases at a decreasing rate.
D. decreases at an increasing rate.
Answer: B
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In a Crown colony
a. both its governor and upper house were appointed by the Crown. b. the governor was appointed by the Crown while the upper house was elected by the propertied adult males within the colony. c. only the lower house could initiate fiscal legislation. d. Both a and b are correct. e. Both a and c are correct.
Currently you purchase ten frozen pizza per month. You will graduate from college in December, and you will start a new job in January. You have no plans to purchase frozen pizzas in January. For you, frozen pizzas are a(n)
a. substitute good. b. normal good. c. inferior good. d. complementary good.
The predecessor to the AFL was the
A. Teamsters Union. B. Knights of Labor. C. CIO. D. The International Workers of the World.
Which of the following statements is true?
A. The Federal Reserve sets the federal funds rate. B. The Federal Reserve sets the target for the federal funds rate, and then uses the reserve ratio to push banks toward that target. C. The Federal Reserve does not set the federal funds rate, but it influences it through the use of its open-market operations. D. The Federal Reserve will set a higher target for the federal funds rate if pursuing an expansionary monetary policy.