If a firm's production process exhibits increasing returns to scale, then doubling all the firm's inputs will lead output to ________.
A. less than double.
B. fall by one-half.
C. more than double.
D. double.
Answer: C
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In periods when GDP grows very rapidly for a long period, the actual unemployment rate will be ________ than the natural rate of unemployment
A) higher B) the same C) more variable D) lower
Which of the following does NOT represent a possible shape of the long-run average cost curve?
A) downward sloping B) upward sloping C) U-shaped D) vertical
All human wants cannot be satisfied because of the problem of scarcity
a. True b. False Indicate whether the statement is true or false
If Kobe, an NBA star athlete, earns $10 million per year but has no money in the bank, he has a
a. high income and high wealth. b. low income and high wealth. c. high income and low wealth. d. low income and low wealth.