Multiple Choice
A firm used to produce a product using three units of labor and one unit of capital. The firm discovers that it can produce more output at a lower cost if it combines two units of labor with two units of capital. This is an example of
A) an innovation.
B) an invention.
C) increasing returns.
D) economic growth.
Correct Answer:
Verified
Correct Answer:
Verified
Q132: Zuliu Hu and Mohsin Khan have stated
Q133: Human capital increases with on-the-job training.
Q134: As growth _ and countries become _,
Q135: Refer to the information provided in Table
Q136: The aggregate production function is Y =
Q138: Related to the Economics in Practice on
Q139: Refer to the information provided in Figure
Q140: Refer to the information provided in Table
Q141: Refer to the information provided in Table
Q142: If the capital stock remains fixed while