Returns to specialization can occur when
A) increasing the amount of labor allows workers to specialize.
B) the exponents of the Cobb-Douglas production function are greater than 1.
C) a firm doubles its inputs.
D) the average cost curve is above the marginal costs curve.
A
You might also like to view...
Which of the following statements is true?
A) Economics does not provide insights into human behavior. B) Economic reasoning tends to reduce the quality of decision making. C) Economics is concerned with money, not choices. D) Economics can be used to predict people's actions.
The income-expenditure model focuses on changes in price levels
Indicate whether the statement is true or false
A rancher raises shee
A) only the raw wool and the yarn. B) only the yarn and the sweaters. C) the raw wool, the yarn and the sweaters. D) only the sweaters.
If the government spends more than it receives in taxes during a given interval, then the result is
A) a balanced budget. B) the gross public debt. C) the net public debt. D) a government budget deficit.