Which statement best illustrates the law of diminishing returns?
A. The average total cost of the last unit of output produced is less than the average total cost of the preceding unit of output
B. The marginal product of the last unit of a resource used is less than the marginal product of the preceding unit of resource
C. The average product of the last unit of a resource used is less than the average product of the preceding unit of resource
D. The marginal cost of the last unit of output produced is less than the marginal cost of the preceding unit of output
B. The marginal product of the last unit of a resource used is less than the marginal product of the preceding unit of resource
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To answer the question, refer to the following table showing a demand schedule: 
If price falls from $150 to $100, what is the elasticity of demand over this range?
A. -1.0 B. -2.5 C. -0.625 D. -3.0 E. -1.17
One major difference between a debit card and a credit card is:
A. the debit card has lower minimum monthly payments. B. debit cards have no late fees. C. only the debit card helps you to build a credit history. D. you do not need to actually have the funds in your account when you use a debit card.
If a 10 percent change in the price of a good caused a 10 percent change in the quantity demanded of the good, we would say that over this range of prices the good has a(n)
A. elastic demand. B. unit elasticity of demand. C. inelastic demand. D. perfectly elastic demand.
How do banks partly reconcile the goals of profits and liquidity?
What will be an ideal response?