The largest part of what the United States produces today is ________ such as ________
A) goods; food and electronic equipment
B) goods; education and entertainment
C) services; trade and health care
D) services; textbooks and computers
C
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The law of diminishing marginal returns says that
a. total product will eventually remain constant as more of an input is added to production b. total revenue decreases as output increases, holding technology fixed c. marginal product eventually falls as more of an input is employed d. the quantity demanded of a good decreases as its price rises e. utility falls as more of a good is consumed
A case for equality of income distribution can be based on
a. the randomness of personal misfortune b. the linkage between effort and reward c. the ethic "from each according to his or her ability to each according to his or her ability" d. allowing the market to dictate outcomes e. maximization of opportunity