Use the following table to answer this question, which provides information on the production of a product that requires one variable input. InputTotal Product0015220332442550655758858956 Diminishing marginal returns set in with the addition of the
A. fourth unit of input.
B. first unit of input.
C. second unit of input.
D. third unit of input.
Answer: D
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Which of the following would be removed from the U.S. aggregate demand measurement?
A. Japan’s purchase of General Electric combines from the United States B. China’s purchase of soybeans from U.S. farmers C. A foreign tourist’s purchase of New York City Statue of Liberty keychains D. An American professor’s purchase of a vintage manuscript from Rome, Italy
Refer to Figure 9-2. The loss in domestic consumer surplus as a result of the tariff is equal to the area
A) C + D + E + F. B) B + D + E + F. C) D + E + F. D) B.
Which of the following statements about the natural rate of unemployment is correct?
A) Currently, most economists think that the natural rate is between 5% and 6%. B) Currently, most economists believe the natural rate is zero. C) When unemployment is at its natural rate, then only frictional unemployment remains. D) When unemployment is at its natural rate, then only structural unemployment remains.
As a percentage of GDP, the federal government expenditure which is expected to increase the most between 2012 and 2042 is
A) Social Security. B) Medicare and Medicaid. C) the net interest on the federal debt. D) national defense.