Suppose a firm doubles its employment of all inputs in the long run. If this action more than doubles the amount of output produced, then this firm is experiencing
a. increasing returns to scale.
b. diminishing marginal returns.
c. technological progress.
d. positive marginal revenue.
a. increasing returns to scale.
Economics
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Refer to the table above. The nominal value of the minimum wage in 2011 was
A) $2.00 per hour. B) $3.63 per hour. C) $5.62 per hour. D) $7.25 per hour.
Economics
Which of the following explains why purchasing power parity does not completely explain long-run fluctuations in exchange rates?
A) Most countries do not impose barriers to trade. B) Some goods and services produced in any country are not traded internationally. C) Consumer preferences for goods and services across countries are very similar. D) Most countries have free markets with little, if any, government regulation.
Economics