Were it not for the law of diminishing marginal returns, we could grow the world's food supply from a flowerpot
Indicate whether the statement is true or false
True . Given the current state of technology, the law of diminishing marginal returns limits the amount of additional output yielded from additional labor working the flowerpot. Revoking the "law" would allow output to increase at a non-decreasing rate when more labor is applied to the flowerpot.
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Answer the following statements true (T) or false (F)
1. The biggest disadvantage of a sole proprietorship is the lack of distinction between the business and the owner. 2. In a partnership, each partner’s liability is limited to his or her contribution to the partnership. 3. The board of directors has unlimited financial liability for the debts of the corporation. 4. A corporation can raise money by selling stock or bonds.
If real disposable income increases, the average propensity to consume will
A) initially increase, and then decrease. B) remain constant. C) increase. D) decrease.
Attaining higher and higher levels of air cleanliness causes
A) additional costs to rise to increasingly high levels.
B) larger and larger increases in per capita incomes.
C) additional costs to fall to lower and lower levels.
D) larger and larger marginal benefits to society.
Chuck offers $240,000 for a house. The seller turns down the offer but says she will sell the house for $260,000. However, Chuck refuses to pay the higher price. If Chuck is following the economic decision rule, the marginal benefit of the house to:
A. The seller must be less than $240,000. B. Chuck must be less than $260,000. C. The seller must be less than $260,000. D. Chuck must be greater than $260,000.