Multiple Choice
If the production function for an economy had constant returns to scale, the labour force doubled, and all other inputs stayed the same, what would happen to real GDP?
A) It would stay the same.
B) It would increase by 50 percent.
C) It would increase, but by something less than double.
D) It would double.
Correct Answer:
Verified
Correct Answer:
Verified
Q75: Productivity can be found as number of
Q76: Monica works 8 hours and produces 7
Q77: In the 1800s, Europeans purchased stock in
Q78: What is a valid policy to use
Q79: Using the production function and notation in
Q81: Which of the following goods does a
Q82: According to an economist, what kind of
Q83: What is the source of most technological
Q84: A management professor discovers a way for
Q85: Your company discovers a better way to