________: as successive units of a variable input are added to a production process with the other inputs held constant, the marginal physical product eventually decreases
Fill in the blank(s) with correct word
Law of diminishing marginal returns
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Which of the following statements about positive economic analysis is true?
A) There is much less disagreement among economists over normative economic analysis than over positive economic analysis. B) Positive analysis uses an economic model to estimate the costs and benefits of different course of actions. C) Unlike positive economic analysis, normative economic analysis can be tested. D) There is much more disagreement among economists over positive economic analysis than over normative economic analysis.
Which of the following would you need to know to calculate the unemployment rate?
a. the size of the active military b. the number of discouraged workers c. the size of the civilian labor force d. the number of workers still enrolled in high school
"No individual should have less than $20,000 income in the United States in 2017" is an example of
A. a normative statement. B. a truism. C. a positive statement. D. an illogical and refutable statement.
If the marginal propensity to consume (MPC) is 0.75 and there is an increase in planned investment spending of $1 trillion, then saving will
A. increase by $0.5 trillion. B. increase by $1 trillion. C. increase by $1.5 trillion. D. remain unchanged.