The short run aggregate production function is subject to ________ if capital stock is increased, holding the total efficiency units of labor as constant
A) increasing returns to scale B) constant returns to scale
C) decreasing returns to scale D) the Law of Diminishing Marginal Product
D
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An economy that grows in world interdependence experiences
(a) growing trade on the basis of comparative advantage. (b) more vulnerability to the business cycles of trading partners. (c) wealth accumulation. (d) all of the above.
When Hughes and Cain (2011) say that workers lacked an "economic identity" until the middle decades of the 19th century, they mean all of the following except
(a) Earlier in U.S. history, most adults were self-employed and, therefore, did not think of themselves as having common interests with laborers possessing views that workers should position themselves against employers. (b) Earlier in U.S. history, production was carried out in shops within the guild structure. The tight relationships among apprentices, journeymen, and master encouraged workers to think of themselves as sharing interests with employers. (c) The establishment of the factory system and its large size increased the net benefits of separating the interests of the workers and employers. (d) Earlier in U.S. history, the laws forbade workers from organizing to promote their own interests and, therefore, labor could not achieve a recognized identity.
What function is money serving when you deposit money in a savings account?
A. A medium of exchange. B. A unit of account. C. A store of value. D. A checkable deposit.
Suppose that someone deposits $10,000 into a bank. Assuming a reserve requirement ratio of 20 percent, what will be the eventual increase in checking account balances?
What will be an ideal response?