If the Exponents in the Production Function Were 0

question 9

Multiple Choice

if the exponents in the production function were 0.30 for x₁ and 0.20 for x₂, this production function would exhibit (constant, increasing, decreasing) returns to scale and (would, would not) have diminishing technical rate of substitution.

• A)decreasing, would not
• B)constant, would not
• C)increasing, would
• D)constant, would
• E)decreasing, would

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Definitions:

Self-reward

A personal incentive one gives oneself as a form of recognition for achieving a goal or completing a task.

Left-brain Thinking

Logical, analytical, and objective thought processes associated with the left hemisphere of the brain.

Conceptual Age

A period in human history characterized by the value of creativity, empathy, and conceptual thinking in the economy.

Fear

An unpleasant emotion caused by the belief that someone or something is dangerous, likely to cause pain, or a threat.