Which Entity Has a Collective Economy That Is Larger Than

question 12

Multiple Choice

Which entity has a collective economy that is larger than the United States and almost three times larger than Japan?

• A) NAFTA
• B) EU
• C) APEC
• D) ASEAN

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Definitions:

Production Function

A mathematical representation that defines the relationship between inputs used in production and the output generated from those inputs.

Returns To Scale

The rate at which production increases in response to proportional increases in all inputs.

Returns To Scale

The rate at which output changes if the scale of all inputs is changed by the same proportion in the production process.

Input

Resources used in the production process to generate goods or services, including labor, raw materials, and capital.