Which of the following statements illustrates diminishing returns ? A. The second billion hours of labor changes real GDP from $1 to $3 trillion and the third billion hours of labor changes real GDP from $3 to $4 trillion. B. The second billion hours of labor changes real GDP from $1 to $2 trillion and the third billion hours of labor changes real GDP from $2 to $3 trillion. C. The second billion hours of labor changes real GDP from $1 to $2 trillion and the third billion hours of labor changes real GDP from $2 to $4 trillion. D. The second billion hours of labor changes real GDP from $1 to $5 trillion and the third billion hours of labor changes real GDP from $5 to $9 trillion.

Question

Coleman

Business

25 February, 22:43

Which of the following statements illustrates diminishing returns ? A. The second billion hours of labor changes real GDP from $1 to $3 trillion and the third billion hours of labor changes real GDP from $3 to $4 trillion. B. The second billion hours of labor changes real GDP from $1 to $2 trillion and the third billion hours of labor changes real GDP from $2 to $3 trillion. C. The second billion hours of labor changes real GDP from $1 to $2 trillion and the third billion hours of labor changes real GDP from $2 to $4 trillion. D. The second billion hours of labor changes real GDP from $1 to $5 trillion and the third billion hours of labor changes real GDP from $5 to $9 trillion.

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Answers (1)

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Nancy Hicks · Answer 1

Answer and Explanation:

A. The second billion hours of labor changes real GDP from $1 to $3 trillion and the third billion hours of labor changes real GDP from $3 to $4 trillion.