Choice variables
A. determine the constraint
B. determine the value of the objective function
C. can only take on integer values
D. cannot be continuous
E. both c and d
Answer: B
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Constant returns to scale means that as all inputs are increased
A) total output remains constant. B) average total cost rises. C) average total cost rises at the same rate as do the inputs. D) total output increases in the same proportion as do the inputs.
Which of the following improves a person’s ability to accumulate wealth?
a. Starting to save money early in life b. Investing in real estate c. Applying the random walk theory d. Graduating from high school
For an intertemporal budget constraint concerning saving for retirement, the choice is between past and future___________________.
a. salary b. consumption c. health d. working units
Why might government expenditures be more appropriate than tax cuts to counter recessions? Is there any evidence for this thinking?