If the BP Curve Is Above the Point of Intersection

question 14

Multiple Choice

If the BP curve is above the point of intersection of the IS and LM curves,the nation will:

• A)have a balance of payments deficit at that level of income
• B)have a balance of payments surplus at that level of income
• C)be in recession
• D)face inflation

Identify environmental factors contributing to workplace health issues.

Recognize disease-causing hazards in the workplace.

Understand strategies for reducing job stress and burnout.

Comprehend the roles and functions of OSHA and related regulatory frameworks.

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Definitions:

Increasing Returns to Scale

A situation in which a proportionate increase in all inputs leads to a greater proportional increase in output, indicating improved production efficiency.

Diminishing Marginal Returns

A principle stating that if one factor of production is increased while others remain constant, the overall returns will gradually decrease after a certain point.

Long-Run Average Cost Curves

A graphical representation showing the average cost per unit of output over a long period, where all inputs, including capital, are variable.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a reduction in average costs per unit as output increases.