Which of the following is used to estimate how long it will take a nation's economy to double its size for a given growth rate?
a. The rule of 70
b. The rule of Law
c. Economies of scale
d. Diseconomies of scale
a
You might also like to view...
The long run is characterized by:
A. the relevance of the law of diminishing returns. B. at least one fixed input. C. the ability of the firm to change its plant size. D. insufficient time for firms to enter or leave the industry.
If an employer screens applicants by race because of generalizations about past hires, he or she is ______.
a. practicing wage discrimination b. acting from unconscious bigotry c. trying to reduce information costs d. avoiding any type of discrimination
The organizational structure where organizations are divided by products or divisions
a. functional b. line and staff c. product d. matrix
If a firm's total revenue is less than its variable cost when the firm produces the level of output at which price equals marginal cost, then the firm should:
A. shut down. B. not change its level of output even if it's earning an economic loss in the short run. C. produce more so that its total revenue increases. D. purchase more fixed factors of production.