Are returns to a single input and returns to scale one and the same? Explain.
What will be an ideal response?
No.Returns to a single input refers to changes in output when a firm increases one input while holding all other input kept constant.Returns to scale refers to a technical property of production that examines changes in output subsequent to a proportional change in all inputs.
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Imports tend to fall whenever a nation's currency appreciates because foreign products become more expensive to domestic consumers
Indicate whether the statement is true or false
The famous phrase "the invisible hand" is associated with the economist ______________ ____________.
Fill in the blank(s) with the appropriate word(s).
Who benefits from the process of financial intermediation?
A. both savers and borrowers B. borrowers only C. savers only D. There is no benefit, because money does not create wealth.
Refer to Scenario 3.1 below to answer the question(s) that follow.SCENARIO 3.1-Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. -OLED TVs and movies shown in theaters are normal goods. -People watch streaming movies more often in the winter than in the summer.Refer to Scenario 3.1. To raise additional revenues, the government imposes an entertainment tax on movie tickets, but there are no new additional taxes levied on streaming movies. This would lead to
A. an increase in the price of movie tickets and the price of streaming movies. B. an increase in the price of a movie ticket and a decrease in the price of streaming movies. C. an increase in the price of movie tickets, but no change in the price of streaming movies. D. no change in the price of a movie ticket and an increase in the price of streaming movies.