A measure of how people change their buying patterns when prices change

A ________ occurs when a country's exports exceed its imports

A) trade surplus B) budget surplus C) trade deficit D) fiscal deficit

Diminishing marginal returns means that as you combine more units of a variable resource with a set of fixed resources:

a. the average physical product of the fixed inputs increases at an increasing rate. b. the marginal physical product of the variable input decreases. c. the total output decreases. d. the marginal physical product of the variable input increases at a constant rate. e. the marginal physical product of the variable input increases at a decreasing rate.