Which of the following statements is TRUE?
A) A Cobb-Douglas production function can have different returns to scale at different output levels.
B) It is impossible to have increasing returns to scale for one output level, and decreasing returns to scale for a different output level.
C) It is possible to have increasing returns to scale for one output level, and decreasing returns to scale for a different output level.
D) None of the above.
C
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After the passage of the North American Free Trade Agreement, which made it less expensive to import goods from Mexico, workers in some industries found their factories being relocated to Mexico to take advantage of lower labor costs
These workers experienced what type of unemployment? A) cyclical B) trade C) foreign D) structural E) frictional
To face scarcity means individuals
A) choose. B) economize. C) sacrifice some plans over others. D) all of the above.
Refer to the scenario above. If the fourth household pays the lowest percentage of its income as tax, it can be inferred that the government follows a ________ tax system
A) progressive B) proportional C) cardinal D) regressive
Total utility is the benefit received from consuming an extra unit of a good
Indicate whether the statement is true or false