Decreasing Returns to Scale Production Functions Must Be Concave

question 14

True/False

Decreasing returns to scale production functions must be concave.

---

Definitions:

Bretton Woods Agreement

A 1944 agreement that established fixed foreign exchange rates for major currencies, as well as the IMF and the World Bank.

Gold Standard

A monetary arrangement where the valuation of a country's currency or paper bills is pegged directly to gold.

Bretton Woods System

was a monetary order established in 1944, which set up fixed exchange rates, the International Monetary Fund (IMF), and the World Bank to regulate international financial and monetary affairs.

U.S. Dollar

The official currency of the United States, widely used as a global reserve currency.