All homogeneous functions (of any degree) are homothetic but not all homothetic functions are homogeneous (of some degree).
Answer the following statement true (T) or false (F)
False
Rationale: All homothetic functions are homogeneous but not all homogeneous functions are homothetic.
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An important observation about the NAAQS is that
a. they are set at the regional level to recognize different demographics and traffic patterns b. all regions must meet the same standard, making efficiency achievement highly unlikely c. they are uniform across all regions including PSD areas d. they have been amended to include GHG air pollutants
Assuming that the government cannot act immediately and the multiplier takes effect, ultimately creating an expansionary gap of $10 billion dollars. To close this gap, government purchases must be:
A. increased by more than $10 billion. B. increased by $10 billion. C. decreased by less than $10 billion. D. decreased by $10 billion.
In the above figure, the economy is at point a on the initial supply of loanable funds curve SLF0. What happens if the interest rate rises?
A) There is a movement to a point such as b on supply of loanable funds curve SLF0. B) The supply of loanable funds curve shifts rightward to a curve such as SLF2. C) The supply of loanable funds curve shifts leftward to a curve such as SLF1. D) none of the above
If output more than doubles when all inputs are doubled, production is said to occur under conditions of
A) increasing returns to scale. B) imperfect competition. C) intraindustry trade. D) interindustry trade.