Policymakers utilize gross domestic product figures
a. to monitor recessions and expansions.
b. as a means to measure welfare.
c. to observe long-run growth trends.
d. Both a and c
e. All of the above
E
Economics
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Does it make sense to consider the returns to scale of a production function in the short run?
A) Yes, this is an important short-run characteristic of production functions. B) Yes, returns to scale determine the diminishing marginal returns of the inputs. C) No, returns to scale is a property of the consumer's utility function. D) No, we cannot change all of the production inputs in the short run.
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How does corruption contribute to government failure?
Please provide the best answer for the statement.
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