When diminishing marginal returns set in, total product will
A) increase at an increasing speed.
B) increase at a decreasing speed.
C) decrease at an increasing speed.
D) decrease at a decreasing speed.
B
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Which of the following best describes a nation's Gross Domestic Product?
A) the market value of all goods and services produced in the economy, including intermediate goods B) the market value of all goods and services less depreciation C) the constant dollar value of all goods produced in the economy during a year period D) the total market value of all final goods and services produced in the economy during a year
Systematic efforts to extend vaccination throughout the world have produced a situation today in which the smallpox virus is
A) in short supply (a shortage exists). B) rare. C) scarce. D) all of the above.
The indifference curves in the above figure could represent your indifference curves between
A) Coke and Pepsi, which you consider perfect substitutes. B) eyeglass frames and eyeglass lenses, which you think are perfect complements. C) hot dogs and textbooks, which you think are neither perfect substitutes nor perfect complements. D) none of the above.
What is marginal social cost?
What will be an ideal response?