If the economy is characterized by diminishing or decreasing returns to scale, then a
A) doubling of inputs will lead to a constant output.
B) doubling of inputs will lead to a constant output.
C) doubling of inputs will lead to a two-fold increase in output.
D) doubling of inputs will lead to a less than two-fold increase in output.
D
You might also like to view...
One of the economic costs of holding currency is that
A) it fulfills no transactions role. B) it fulfills no precautionary role. C) its real value always increases. D) it earns no interest income.
Someone who is available for work but has not actively looked for work in the previous four weeks would be classified as
A) employed. B) not in the labor force. C) not in the working-age population. D) unemployed.
Inputs in production processes are called resources
a. True b. False Indicate whether the statement is true or false
If for a country, the quantity of its currency demanded exceeds the quantity supplied, then there is a:
A. balance of payments surplus B. balance of payments deficit C. balance of payments equilibrium D. trade balance