The term "fixed input" refers to:
A) inputs to production that do not vary with respect to quality.
B) inputs to production that do not vary in price.
C) inputs to production that yield a constant or "fixed" marginal product.
D) inputs to production, the quantity of which cannot be varied in the short run.
D
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You consume only steak and lobster. Your substitution effect from a drop in the price of lobster is measured by a movement along your indifference curve between steak and lobster
Indicate whether the statement is true or false
According to new growth theory, the accumulation of ________ capital is subject to diminishing returns at the ________ level, but not at the level of the economy as a whole
A) technological; personal B) knowledge; firm C) physical; production D) physical; firm
Which of the following will raise consumer expenditures?
A) an increase in interest rates B) an increase in the price level C) a general decline in housing prices D) an increase in expected future income
Make a case that development economics might be merely a combination of all the other subfields of economics, only applied to low-income countries
What will be an ideal response?