All Else Equal,if There Are Diminishing Returns,then If a Country

question 10

Multiple Choice

All else equal,if there are diminishing returns,then if a country raised its capital by 100 units last year and by 100 units this year,

• A)the increase in output was greater for this year than last year.
• B)the increase in output was greater last year than this year.
• C)the increase in output is the same in both years.
• D)None of the above is necessarily correct.

Assess how price changes affect surplus and market efficiency.

Understand the role of equilibrium in maximizing total surplus in a market.

Describe the implications of trade policies on the international exchange of goods and the domestic economy.

Interpret market equilibrium from a supply and demand graph.

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Definitions:

Extended Family

A family group that extends beyond the nuclear family, including grandparents, aunts, uncles, and other relatives.

Nuclear Family

A family unit that comprises two parents and their children, considered the traditional family structure.

Extended Family

Extended family refers to a family unit that extends beyond the immediate nuclear family to include other relatives such as grandparents, aunts, uncles, and cousins.

Nuclear Family

A family group consisting of two parents and their children (biological or adopted), considered the basic social unit.