Assume that constant returns to scale exists and that N and K both increase by 2%. Given this information, we know that
A) output (Y) will increase by 4%.
B) Y will increase by 2%.
C) Y will increase by less than 2%.
D) Y will increase by less than 4% and more than 2%.
B
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If the price of crude oil falls, the equilibrium price of gasoline ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
Price controls are usually enacted in response to
a. popular opinion. b. governmental studies. c. scholarly research on the effects of high prices. d. laws enacted in other countries. e. All of the above are correct.
There is very little economic mobility in the United States, which means that once a family is poor, it is very likely to remain poor for at least a decade
a. True b. False Indicate whether the statement is true or false
Which of the following is not a type of economic analysis?
a. None of these choices is a type of economic analysis. b. Normative c. Resources d. Positive