If Output Is Described by the Production Function Y =

question 118

Multiple Choice

If output is described by the production function Y = AK0.2L0.8, then the production function has:

• A)constant returns to scale.
• B)diminishing returns to scale.
• C)increasing returns to scale.
• D)a degree of returns to scale that cannot be determined from the information given.

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Definitions:

Tenure Of Office Act

1867 law that required the president to obtain Senate approval to remove any official whose appointment had also required Senate approval; President Andrew Johnson’s violation of the law by firing Secretary of War Edwin Stanton led to Johnson’s impeachment.

Andrew Johnson

The 17th President of the United States, who served from 1865 to 1869, succeeding Abraham Lincoln and facing significant challenges during the Reconstruction era.

Impeachment

Bringing charges against a public official; for example, the House of Representatives can impeach a president for “treason, bribery, or other high crimes and misdemeanors” by majority vote, and after the trial the Senate can remove the president by a vote of two-thirds. Two presidents, Andrew Johnson and Bill Clinton, have been impeached and tried before the Senate; neither was convicted.

Reconstruction Policy

The set of strategies implemented by the U.S. government from 1865 to 1877 aimed at rebuilding and reintegrating the Southern states after the Civil War and addressing the status of the freed slaves.