Examlex

Solved

Why Are People with Higher-Than-Average Education More Likely to Vote

question 14

Multiple Choice

Why are people with higher-than-average education more likely to vote?


Definitions:

Diminishing Returns

An economic principle where the addition of a variable factor to a fixed factor leads to a decrease in the marginal output of the variable factor beyond a certain point.

Variable Factors

Components of production that can be adjusted in the short term to change the output level, such as labor and raw materials.

Economies of Scale

A situation where the cost of producing one unit of a good decreases as the volume of production increases.

Diseconomies of Scale

The phenomenon where, beyond a certain point, the cost per unit increases as a company continues to grow in size and output.

Related Questions