The law of diminishing returns implies that, with the quantity of capital fixed, as the use of labor rises
A) total product will fall eventually.
B) the marginal product of labor will fall eventually.
C) the total product of labor will fall below the marginal product of labor.
D) the production process will become technologically inefficient eventually.
Question 2
An expansion of the production possibilities frontier is
A) called economic growth.
B) proof that scarcity is not a binding constraint.
C) a free gift of nature.
D) something that has occurred only rarely in history.
Child Labor Rates and GDP Worldwide
DOT placarding requirements: Table 1 materials must be placarded in any quantity, and Table 2 ...
Efficient Allocation of Labor between Sectors
Share of Human Capital in Wages in Developing Countries
Capital’s Share of Income in a Cross-Section of Countries
Identify the variable representing each described quantity in the equation