After some point successive equal increases in a variable factor of production, when added to a fixed amount of inputs, will result in smaller increases in output. This is known as
A) the long run.
B) the law of diminishing marginal product.
C) marginal physical product.
D) short run average cost.
Answer: B
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When measuring the benefits from investing in human capital
A) the only benefits come from the increase in salary because of going to school. B) in addition to the monetary benefits, the benefit from expanding horizons should be included. C) we must include the costs of tuition and books but not the money made from part-time jobs. D) we must include the foregone earnings in the benefit calculation.
Using the standard 45-degree line diagram, how does an increase in autonomous consumption effect the expenditure schedule?
a. It shifts the expenditure schedule downward. b. It shifts the expenditure schedule upward. c. It increases the slope of the expenditure schedule. d. It decreases the slope of the expenditure schedule.
What are the costs and benefits of foreign trade? Explain.
What will be an ideal response?
Opportunity cost exists because of
A) poverty. B) scarcity. C) greed. D) self-interest.