1) Do you agree with this statement worth 10 marks

"The costs of economic growth tend to be short-term while the benefits tend to be long-term" Do you agree with this statement? explain your answer?

2) Using the example explain the law of diminishing marginal returns? Worth 5% need 5 points

3) Complete the following table The average product of labour and marginal product of labour

Labour Output Average Product of Labour Marginal Product of Labour

0 0

5 150

10 320

15 440

20 540

25 610

30 650

Does the production process describe in the above table exhibit diminsihing marginal product of labour? Explain your answer? 3 points