If a production function has constant returns to scale, output can be doubled if
a. labor alone doubles.
b. all inputs but labor double.
c. all of the inputs double.
d. None of the above is correct.
c
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The nature preservation services supplied by The Nature Conservancy which buys up ecologically important but endangered lands, is
a. nonrivalrous and nonexcludable. b. nonrivalrous and excludable. c. rival and nonexcludable. d. a private service.
The concept of poverty is culturally determined, and hence people are defined as "poor" in relation to others
a. True b. False Indicate whether the statement is true or false
Measured as a share of GDP, the total government expenditures of the United States are
a. larger than any country in the world. b. smaller than any country in the world. c. smaller than the comparable figure for Japan and most Western European countries. d. larger than the comparable figure for Japan and most Western European countries.
Government health and safety regulations or anti-discrimination laws can reduce real wages by:
A. increasing worker productivity. B. decreasing the demand for labor. C. reducing employer costs. D. decreasing the supply of labor.