The law of diminishing marginal product shows the relationship
A) between accounting and economic profits.
B) between short-run and long-run outputs of a firm.
C) between inputs and outputs for a firm in the short run.
D) between inputs and outputs for a firm in the long run.
Answer: C
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The "core" inflation rate is typically defined as the change in consumer prices for all goods included in the CPI basket except energy and food products
Suppose the overall inflation rate based on the CPI was 4 percent for the past year, and energy and food prices did not change during the year. Is the core inflation rate for the past year higher or lower than 4 percent? A) Higher B) Lower C) They are the same D) We do not have enough information to answer this question
Production refers to
A) physically producing material goods only. B) any activity of a firm, whether a corporation, partnership, or sole proprietorship. C) any activity that results in the conversion of resources into goods or services that can be consumed. D) any activity that causes a material conversion of manufactured goods.