The Melting of Arctic Ice Has

question 24

Multiple Choice

The melting of Arctic ice has .

• A) forced ships to pass through the Panama canal
• B) made it possible for ships to take different trade routes
• C) raised sea levels resulting in closure of major ports
• D) had no effect on the shipping industry

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Definitions:

Isoquant

A curve that represents all combinations of inputs that result in the production of a given level of output.

Output

The quantity of goods or services produced by a firm, industry, or economy in a specified period.

Production Function

An equation that quantifies the output that can be generated from different combinations of factor inputs, reflecting the efficiency and technology of the production process.

Returns To Scale

The change in output resulting from a proportional change in all input factors; identifies if output increases at a faster, equal, or slower rate than inputs.