The Idea of Diminishing Returns to an Input in Production

question 39

Multiple Choice

The idea of diminishing returns to an input in production suggests that if a local college adds more custodians, the marginal product of labor for the custodial staff will _.

• A)increase at an increasing
• B)rate increase at a decreasing
• C)rate decrease
• D)not change

Distinguish between tariffs and import quotas and their respective effects on government revenue, quota rents, and market prices.

Recognize the role and functions of the World Trade Organization (WTO) in overseeing international trade agreements and resolving trade disputes.

Comprehend the implications of moving from autarky to free trade on consumer and producer surplus.

Evaluate the effects of trade policies on global economic structures, including the impacts on specific industries such as the silicon chip and steel industries.

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Definitions:

Francis Cecil Sumner

Recognized as the first African American to receive a Ph.D. in psychology in the United States.

First African American

A term referring to the notable achievement of being the first African American person to accomplish a specific feat or hold a particular position.

Personality

The characteristic set of behaviors, cognitions, and emotional patterns that evolve from biological and environmental factors.

Patterns of Thought

Distinctive ways of thinking and understanding the world, often influenced by culture, experience, and education.