Economics can be described as the study of how people use ________ resources to satisfy ________ wants

If a firm is experiencing diminishing returns to a variable input, then:

a. it must be hiring less-productive units of the variable resource. b. it must be experiencing diseconomies of scale. c. the marginal physical product of the variable input must be decreasing. d. the average physical product of the variable input must be decreasing. e. its total product must be decreasing.

There is widespread agreement across the political spectrum that the only way to break the cycle of poverty and welfare dependency is to

A. provide abortion on demand. B. put every able-bodied person to work. C. enact a negative income tax. D. throw everyone off welfare.