When a firm doubles its inputs, its output:
A. will less than double.
B. will double.
C. will more than double.
D. All of these are possible.
Answer: D
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Explain the dynamic rationale for economic integration among developing countries
What will be an ideal response?
If Japan can produce each unit of steel using fewer resources than Canada uses,
a. Canada has an absolute advantage in steel production b. Japan has a comparative advantage in steel production c. Canada has a comparative advantage in steel production d. Canada may have an absolute advantage in producing steel e. Japan has an absolute advantage in steel production
Which of the following most clearly indicates that fiscal policy is becoming more expansionary?
a. An increase in the budget deficit relative to GDP b. A reduction in the budget deficit relative to GDP c. An increase in the budget surplus relative to GDP d. An increase in the nominal (dollar) size of the budget deficit
Which of the following is a key factor that encouraged companies to focus on total quality management in the mid-1980s?
A. A fall in the cost of labor B. Expansion of worldwide competition C. Enforcement of property rights D. An increase in the supply of skilled labor force