Table 13-1 -Refer to Table 13-1. Negative Personal Saving Occurs When Disposable

question 49

Multiple Choice

Table 13-1

-Refer to Table 13-1. Negative personal saving occurs when disposable personal income is

• A) equal to $300.
• B) greater than $300.
• C) less than $300.
• D) between $300 and $400.

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Definitions:

Isoquant Slope

The slope of an isoquant curve represents the rate at which one input can be substituted for another while maintaining the same level of output in production theory.

Input

Resources such as labor, materials, and capital that are used in the production process to create goods or services.

Returns To Scale

The speed at which production levels rise in reaction to an equal rise in all resources, including labor and capital.

Marginal Product

The extra output or benefit received from using one additional unit of a resource.