If doubling the quantity of inputs more than doubles the quantity of outputs, the firm is experiencing
a. increasing returns to scale.
b. decreasing returns to scale.
c. constant returns to scale.
d. increasing costs per unit of output.
a
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The person hired by a corporation's board of directors to ________ is known as the chief executive officer
A) chair the board of directors B) run the day-to-day operations of the corporation C) hire additional members for the board of directors D) audit the financial records of the corporation
Refer to Table 17-3. What is the amount of revenue added as a result of hiring the fourth worker?
A) $7,200 B) $1,200 C) 90 microwaves D) 15 microwaves
The Organization of Petroleum Exporting Countries is an example of: a. a price leadership system
b. a trade group whose members have yet to influence the world price of oil, despite repeated attempts to collude. c. a successful monopoly. d. a periodically successful cartel.
The formula for nominal GDP is
a. Nominal GDP = Real GDP + GDP Deflator. b. Nominal GDP = Real GDP – GDP Deflator. c. Nominal GDP = GDP Deflator / Real GDP. d. Nominal GDP = GDP Deflator x Real GDP.