Diminishing marginal product affects the shape of the production function in what way?
a. The slope of the production function decreases as the quantity of input increases.
b. The production function becomes steeper as the quantity of input increases.
c. The production function slopes downward.
d. The production function is horizontal beyond a certain quantity of input.
a
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About what percentage of U.S. output was exported to foreigners in 2012?
A) 1% B) 14% C) 18% D) 25%
Which of the following is a positive statement?
A. Because many adults cannot afford to go to college, tax credits for tuition should be introduced. B. When a country imports more than it exports, its balance of trade is negative. C. The price of drugs in the United States is too high. D. It only makes sense to offer financial aid for students who cannot pay some of their tuition. E.The President of the United States ought to be elected by a direct vote of the American people rather than the Electoral College
A publishing house is using 400 printers and 200 printing presses to produce books. The printers' wage rate is $20 and the price of a printing press is $100. The last printer added 20 books to total output, while the last press added 50 books to total output. In order to maximize the number of books published with a budget of $28,000, the publishing house
A. should use more presses and fewer printers because the last dollar spent on a press yielded more output than the last dollar spent on a printer. B. should continue to use 400 printers and 200 presses. C. should use more printers and fewer presses because printers cost less than presses. D. should use more presses and fewer printers because the marginal output of the last press was more than the marginal output of the last printer. E. should use more printers and fewer presses because the last dollar spent on a printer yielded more output than the last dollar spent on a press.
An upward-sloping line or curve is used to illustrate:
A. a direct relationship. B. an inverse relationship. C. two unrelated variables. D. the ceteris paribus assumption.