When isoquants get progressively closer together there is
a. increasing returns to scale
b. decreasing returns to scale
c. constant returns to scale
a
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Free trade with other countries allows poor nations the opportunity to exploit their comparative advantage in agricultural goods.
Answer the following statement true (T) or false (F)
Accountants define profit as "total revenue minus total cost,"
A) and so do economists. B) but economists define profit as net revenue minus total cost. C) but economists define profit as net cost minus total revenue. D) but economists define profit as total cost minus total revenue. E) but economists have long abandoned the concept of profit.
In the Solow growth model, a change in the capital-labor ratio is equal to
A) (saving - investment). B) saving + depreciation). C) (investment - depreciation). D) (capital stock - labor force).
Which of the following was not a cause of the Great Recession?
a. Deregulating nationally chartered banks but not state-chartered banks. b.Government incentives to increase home ownership. c. Government encouragement of creative home-buying strategies. d. Relaxation of bank underwriting standards. e. All of the above were causes of the Great Recession.