Suppose there are constant returns to scale. Now suppose that over time a country doubles its workers, its natural resources, its physical capital, and its human capital, but its technology is unchanged. Which of the following would double?
a. both output and productivity
b. output, but not productivity
c. productivity, but not output
d. neither productivity nor output
b
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In the nonstrategic view of bargaining
a. The first-mover usually gains more b. The second-mover usually gains more c. The gains are usually split evenly d. We can say little about how the gains are shared
Examples of life-cycle wealth include all of the following except
a. homes b. stocks and bonds c. wages and salaries d. automobiles e. personal clothing
According to the Cost-Benefit Principle, you should go see the latest Star Wars movie with your friends this weekend if:
A. the extra benefits of seeing the movie are greater than the extra costs of seeing the movie. B. you can afford to go to the movies. C. the average benefit you get from going to the movies is greater than the average cost of a ticket. D. you really like Star Wars.
Which of the following terms might a behavioral economist use to describe a racetrack bettor who believes that if he bets on the horse with the longest odds every race, he will maximize his winnings?
a. fair b. overconfident c. rational d. selective