Directions: Choose the Best Answer Based on the Information You

question 12

Multiple Choice

Directions: Choose the best answer based on the information you read in Chapter Nineteen.
Each of the required books ______ checked out from the library.

• A) was
• B) is
• C) were

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Definitions:

Diminishing-returns Theory

The principle that says that if one factor of production is increased while others are held constant, the incremental output will eventually decrease.

Wage Disparity

The difference in wages earned by different groups of workers, often arising from factors such as occupation, education, experience, or gender.

Talent and Ability

The natural aptitude or acquired skills possessed by individuals that enable them to perform certain tasks or excel in certain fields.

Median Earnings

The middle value of income earned, such that half of earners make more and half make less, often used to measure central tendency of income distribution.