Which of the following is (are) likely to cause the marginal product of an input to decrease?
A) an increase in the real price of the input
B) a decrease in the quantity of the input used in production
C) technological advances
D) all of the above
E) none of the above
E
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The price for used cars is well below the price of new cars of the same general quality. This is an example of:
a. The Degree of Operating Leverage b. A Lemon's Market c. Redeployment Assets d. Cyclical Competition e. The Unemployment Rate
For a given shift of the aggregate demand curve, the steeper the short-run aggregate supply curve, the larger the change in real GDP
a. True b. False Indicate whether the statement is true or false
Wealth in the hands of Americans has been
a. rising because of the trade deficit b. rising in spite of the trade deficit c. falling because of the trade deficit d. falling in spite of the trade deficit e. falling in the last twenty years
Which of the following is not an argument made by those who oppose reforming the tax laws to encourage saving?
a. A public budget surplus can raise national saving. b. The substitution effect of a higher return to saving may be about equal to the income effect of a higher return to saving. c. Low-income households save a larger fraction of their income than high-income households. d. Tax cuts might cause a budget deficit.