New growth theory economists believe that:
I. Economic growth can continue as long as we keep finding new ideas.
II. The marginal product of capital diminishes very rapidly, so we must rely upon technological advances to create economic growth.
A) I only
B) II only
C) both I and II
D) neither I nor II
A
Economics
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The change in the total output of a firm associated with using one more unit of an input is referred to as the:
A) marginal product of the input. B) total product. C) average product of the input. D) variable product of the input.
Economics
Characteristics of a perfectly competitive market include:
A. the presence of transaction costs. B. differentiated products. C. many sellers, each with a small market share. D. All of these are characteristics of a perfectly competitive market.
Economics