A Reason a Nation Faces Diminishing Returns Along a Production

question 244

Multiple Choice

A reason a nation faces diminishing returns along a production function is because

• A)unemployment always exists.
• B)potential GDP is fixed.
• C)the quantity of physical capital is fixed.
• D)full employment is not possible.
• E)the wage rate is fixed while moving along the production function.

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Definitions:

Descriptive Statistics

Statistical methods that summarize and organize the information in a data set to describe its various features, such as mean or standard deviation, without drawing inferences about the population.

Box Plot

A standardized way of displaying the distribution of data based on a five-number summary: minimum, first quartile, median, third quartile, and maximum.

Five Number Summary

A descriptive statistic that provides information about a set of observations through five key values: minimum, first quartile, median, third quartile, and maximum.

Measure Of Variability

A statistical indicator of how widely values in a data set vary around the mean or median.