Returns to scale is a concept that operates
A) only in the short run.
B) only in the long run.
C) in both the long run and the short run.
D) in either the long run or the short run but never both.
B
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How and why did Europe set up its single currency?
What will be an ideal response?
Strictly speaking, interpersonal comparisons of utility
a. are valid and irrefutable when exercised by government b. may seem to be reasonable, but are nonetheless indefensible c. are more valid when applied to people of the same ethnic origins than of the same income class d. are defensible because we assume people are rational e. are indefensible because we assume people are rational
The purpose of expansionary fiscal policy is to
a. increase output b. prevent hyperinflation c. slow the growth of the GDP d. increase the separation between government and private industry
Who from among the following would be counted as unemployed?
A. A person who is willing to work but has not looked for a job in two months.
B. A person with a part-time job who wants and is looking for a full-time job.
C. A person who is willing to work and has looked for a job in the last week.
D. All of these people would be counted as unemployed.