In a particular production process, if the quantities of all inputs used double, then the quantity of output doubles as well. This means that
a. the production process cannot be enhanced by technological advances.
b. no mathematical representation of the relevant production function can be formulated.
c. the relevant production function has the limits-to-growth property.
d. the relevant production function has the constant-returns-to-scale property.
d
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Cost-push inflation can be started by
A) a decrease in the money wage rate. B) an increase in the money prices of raw materials. C) an increase in the quantity of money. D) an increase in government expenditure on goods and services. E) a decrease in government expenditure on goods and services.
Which of the following best illustrates the difference between GDP and GNP?
a. GDP measures the goods consumed by the citizens of a country, while GNP measures output exported to other countries. b. GDP measures the output produced by the citizens within a country, while GNP measures output produced by noncitizens within a country. c. GDP measures the output produced by the citizens of a country, while GNP measures output produced within the borders of a country. d. GDP measures the output produced within the borders of a country, while GNP measures output produced by the citizens of a country.
In the short run, if a firm produces nothing, total costs are zero
a. True b. False Indicate whether the statement is true or false
If workers have better information about their own ability to work than employers do, which of the following situations is present?
A. unemployment B. asymmetric information C. discrimination D. moral hazard