Diminishing returns means that
A) each additional unit of labor produces successively less real GDP.
B) hiring more labor results in less real GDP.
C) each extra unit of real GDP produced requires less labor.
D) each additional unit of labor produces successively more real GDP.
E) hiring more labor must lower the real wage rate.
Correct Answer:
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Q26: The idea of "diminishing returns" means that
Q27: The production function is a relationship between
Q28: Choose which statement is most correct.
A)Real GDP
Q29: As an economic expansion approaches its peak,it
Q30: Which of the following is true?
A)Real GDP
Q32: The production function displays
A)increasing returns.
B)real returns.
C)diminishing returns.
D)average
Q33: To determine GDP from the production function,we
Q34: During a business cycle recession,it is very
Q35: According to the production function,as the quantity
Q36: The production function describes the relationship between
A)the
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