The principle that states the marginal product of an input decreases as the quantity of the input increases is called:
A. diminishing marginal product.
B. increasing rate of return.
C. production function.
D. total product optimization.
A. diminishing marginal product.
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In the United States during the 1930s
A) government spending decreased and taxes increased, resulting in a fiscal contraction. B) government spending and taxes both decreased, resulting in a net fiscal contraction. C) government spending increased and taxes decreased, resulting in a fiscal expansion. D) government spending and taxes both increased, resulting in zero net fiscal expansion.
If the absolute price elasticity of demand of a good is 1.46, then the total revenues will increase if its market price
A) increases. B) decreases. C) stays the same. D) changes, but we can't tell without more information if the price increases or decreases.
If the fixed costs can be ignored, a relatively good approximation of the correct transfer price is
a. average costs b. average fixed costs c. average variable costs d. the market price
The watershed approach
a. is a framework used to coordinate the management of each hydrologically defined area b. has been rejected by U.S. policy makers c. has received no financial support from the federal level of government d. does not allow for the use of water quality trading