All else equal, if there are diminishing returns, then if a country raised its capital by 100 units last year and by 100 units this year,
a. the increase in output was greater for this year than last year.
b. the increase in output was greater last year than this year.
c. the increase in output is the same in both years.
d. None of the above is necessarily correct.
b
Economics
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Which of the following events would produce an upward shift in the consumption function, other things being equal?
a. An increase in consumer wealth. b. A decrease in consumer wealth. c. A decrease in autonomous consumption. d. Both b and c.
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GDP is a flow variable because it measures the process of production and is independent of time
a. True b. False
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