The principle of diminishing returns to labor is based on the:
A. cost-benefit principle.
B. equilibrium principle.
C. principle of increasing opportunity cost.
D. scarcity principle.
Answer: C
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In the figure above, if the market price is $12, then the total consumer surplus is
A) $12. B) $10. C) minimized. D) $240. E) $480.
Which of the following statements is false?
A) Within each country, some individuals are made better off as a result of international trade, but one of the countries will be worse off overall. B) Although some individuals may not be made better off as a result of international trade, both countries may be made better off overall. C) Each country as a whole is made better off as a result of international trade, but individuals within each country may be made worse off. D) Not all individuals in both countries are made better off as a result of international trade.
Without an increase in the supplies of factors of production, how can a nation achieve economic growth?
A) by producing more high-value goods and fewer low-value goods B) by increasing the prices of factors of production C) through technological advancement which enables more output with the same quantity of resources D) by lowering the prices of factors of production
About what percent of the world's water supplies are used for agricultural purposes?
a. 90 b. 70 c. 45 d. 20 e. 10