The Norm of Reciprocity Refers to the Belief That

question 2

Multiple Choice

The norm of reciprocity refers to the belief that:

• A) the opinion of someone you respect must be correct.
• B) people should honor agreements once they have been publically made.
• C) society changes by minorities and majorities working together.
• D) one should return a favor to someone who has done a favor for them.

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Definitions:

Total Product Curve

A graphical representation showing how total output of goods varies with changes in the quantity of a single input, holding all other inputs constant.

Average Product

The yield generated for every unit of a production input, determined by dividing the overall output by the amount of the input used.

Labor

The human effort, whether physical or mental, that is used in the production of goods and services.

Law of Diminishing Returns

An economic principle stating that adding more of one factor of production, while keeping others constant, will at some point yield lower per-unit returns.