Returns to Scale Refers to the Change in Output When

question 108

Multiple Choice

Returns to scale refers to the change in output when

• A) all inputs increase proportionately.
• B) labor increases holding all other inputs fixed.
• C) capital equipment is doubled.
• D) specialization improves.

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Definitions:

Henry George

A 19th-century economist known for his theory that the economic value derived from land should belong to all members of society, popularizing the single tax idea.

Edward Bellamy

An American author and socialist, best known for his utopian novel, "Looking Backward", which envisions a future society based on cooperation and economic equality.

Freedom

Liberty or autonomy to act, voice views, or think as one pleases, free from any confinement or control.

Effective Freedom

The actual ability and means to exercise one's rights and freedoms, as opposed to merely having them guaranteed by law.