Which of the following is consistent with diminishing marginal product?
a. The more you study each day, the more you learn from each added hour of study
b. The more you study each day, the less you know.
c. Beyond some point, each added hour studying each day adds less to what you know than the previous hour's study.
d. None of the above.
c
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In a saving—investment diagram for a small open economy
A) the saving curve is vertical at some fixed level of output. B) the saving curve is horizontal at some fixed interest rate. C) the real interest rate is fixed at the world real interest rate. D) equilibrium requires that Sd = Id.
Public choice economists often explain low voter turnouts in terms of
A) dissatisfaction of many voters with the limited choice of candidates. B) lack of civic responsibility of the electorate. C) net costs of voting that many voters perceive. D) rational ignorance of many voters of the actual date of the elections.