If all inputs are increased by 5 percent and output increases by 8 percent, then the
A) firm experiences constant returns to scale.
B) long-run average cost curve slopes downward.
C) long-run average cost curve shifts downward.
D) firm experiences diseconomies of scale.
B
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The demand for a productive resource is
a. demand for the resource itself. b. derived from the demand for the good or service it produces. c. unrelated to the output it produces. d. derived from the demand for the good or service it produces AND demand for the resource itself.
Some careers, such as flight attendants, nurses, and primary school teachers, used to be considered "women's jobs.". Other jobs, such as airline pilots, physicians, and school principals, were traditionally considered to be "men's jobs" and were not
generally open to women. If women are allowed increased access to the jobs that had traditionally been considered to be "men's," explain the effects on wage rates.
The income distribution in the United States shows that the income share of the top fifth of all families is
a. over 60 percent. b. around 21 percent. c. more than 12 times the income of the bottom fifth. d. less than 10 times the income of the bottom fifth.
The sticky-wage theory of the short-run aggregate supply curve says that when the price level is lower than expected,
a. production is more profitable and employment rises. b. production is more profitable and employment falls. c. production is less profitable and employment rises. d. production is less profitable and employment falls.