The set of tangencies between isoquants and isocosts is the firm's
a. production function.
b. returns to scale.
c. output maximization curve.
d. expansion path.
d. expansion path.
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Social Security, like other governmental programs, alters individuals' decisions to save, consume and invest privately for the present as well as the future
Indicate whether the statement is true or false
Which of the following is included in personal income but not in national income?
a. Corporate profits b. Social Security payments c. Compensation for workers d. Proprietors' income
Which of the following ideas are NOT demonstrated by the PPF?
a. Efficiency b. Scarcity c. Opportunity cost d. Diminishing returns to scale
Other things the same, continued increases in technology lead to
a. continued increases in the price level and real GDP. b. continued decreases in the price level and real GDP. c. continued increases in real GDP and continued increases in the price level. d. continued increases in real GDP and continued decreases in the price level.