Constant returns to scale is the point on a production function where increasing inputs will no longer increase output
a. True
b. False
Indicate whether the statement is true or false
False
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________ known is the father of management and famous for his time and motion studies especially in factory production
a. Robert Griffth b. Frederick Taylor c. Anthony Eppes d. John Charles Shelley
Suppose Quarto takes 10 years to double the size of its economy. According to the rule of 70, its growth rate is _____
a. 15 percent b. 10 percent c. 7 percent d. 20 percent
The law of supply states that other things remaining the same, the ________ the price of a good, the __________.
Fill in the blank(s) with the appropriate word(s).
Exhibit 10-6 Aggregate supply curve
In Exhibit 10-6, where the GDP = $1,200 billion,
A. everyone willing to work at the current wage is employed. B. the economy has reached full employment. C. GDP can increase to $1,100 billion without triggering an increase in the price level. D. no further increases in the price level can generate more real GDP.