As the usage of an input increases, marginal product:
A. initially decreases then begins to increase.
B. consistently decreases.
C. initially increases then begins to decline.
D. consistently increases.
Answer: C
Economics
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In national income accounting, a "final good" is
A) a finished product. B) something purchased with the goal of further resale. C) something purchased by an ultimate user in the household, business, or government sector. D) something that is impossible to determine.
Economics
If Sam has $60.00 each week to spend on gasoline and coffee, and their respective prices are $1.50 per gallon and $3.00 per pound, which of the following equations represents his budget line?
A) $60.00 = $1.50/Qg + $3.00/Qc B) $60.00 = Qg /$1.50 + Qc /$3.00 C) $60.00 = $1.50(Qg) + $3.00(Qc) D) $60.00 = $1.50(Qg) - $3.00(Qc)
Economics