The “law” of diminishing returns
A. is deduced from the basic biochemical relationship of agricultural theory.
B. was constructed as the basis of observation during experiments on the impact of fertilizer on output in the 1930s.
C. is based on regular observations of input-output relationships over the last two centuries.
D. is borrowed from physical laws related to conversion of matter and energy.
Answer: C
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Consider two countries-country A and B. Both economies are exactly similar in all aspects except for one. There are well-defined property rights in country A, while there are no property rights in country B
Given this information, which of the following statements is likely to be true? A) Economy A is likely to grow faster than economy B. B) Economy B is likely to grow faster than economy A. C) Both economies are likely to grow at the same rate. D) None of the countries is likely to experience any growth in GDP.
If firms in a perfectly competitive industry are earning an economic profit, then in the ________, firms will ________ the industry
A) short run; enter B) long run; enter C) short run; exit D) long run; exit E) More information about the firms' costs and the price of the product is needed to determine if firms enter or exit the industry.
Why do households hold less in checking accounts then they once did?
What will be an ideal response?
The term "marginal analysis" refers to comparing the benefits and costs of choosing a little more or a little less of a good
a. True b. False Indicate whether the statement is true or false