If One Had to Decide, Without Any Other Information, Whether

question 40

Short Answer

If one had to decide, without any other information, whether to use a multiple-choice format, a matching format, or a true-false format, which format would be the best to select?

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Definitions:

Input

Resources used in the production process to create goods or services.

Inputs

Resources such as labor, materials, and capital used in the process of production.

Output

The quantity of goods or services produced by a firm, industry, or economic system.

Diminishing

A principle often observed in economics where additional units of a variable factor increase total output at a decreasing rate.