The Value of Marginal Product of an Input Is the Value

question 132

Multiple Choice

The value of marginal product of an input is the value of the:

• A) total output produced by total inputs.
• B) average output produced by inputs.
• C) output produced by the last unit of an input.
• D) output produced by the first unit of an input.

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Definitions:

Income Gap

The disparity in the distribution of income within a population, typically between different socio-economic groups.

Neoliberalism

An economic and political ideology that emphasizes free-market capitalism, deregulation, and a reduction in government spending on social services.

Industrialization

The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, involving an increase in production, technological innovation, and infrastructure.

Tariffs

Taxes imposed by a government on imported or exported goods.