Diminishing Returns Explain Why Labor and Capital Alone Cannot Account

question 56

True/False

Diminishing returns explain why labor and capital alone cannot account for the phenomenal growth in productivity during the last 200 years.

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Definitions:

Correlation Table

A table displaying correlation coefficients between sets of variables, showing how closely related the variables are.

Regression Coefficients

Numeric values that represent the relationship between a predictor variable and the response variable in a regression model.

Marriage

A legally and socially sanctioned union, typically between two people, that is regulated by laws, rules, customs, beliefs, and attitudes that prescribe the rights and duties of the partners.

Income

The amount of money or earnings received by a person, family, or organization, usually measured on a monthly or yearly basis.