An Economy's Production Function Has the Constant-Returns-To-Scale Property

question 112

Multiple Choice

An economy's production function has the constant-returns-to-scale property.If the economy's labor force doubled and all other inputs stayed the same,then real GDP would

• A)stay the same.
• B)increase by exactly 50 percent.
• C)increase by exactly 100 percent.
• D)increase,but not necessarily by either 50 percent or 100 percent.

Examine exceptions to the rule requiring consideration in contract formation and enforceability.

Analyze the role of past consideration in contract law and its typical exclusion from forming valid consideration.

Acquire knowledge of special circumstances where courts might intervene in contract agreements, focusing on fairness and legalities involved.

Understand the implications of different organizational structures and departmentations on quality, coordination, and adaptability.

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Definitions:

Life Expectancy

The average period that a person may expect to live, often influenced by factors like genetics, lifestyle, and social conditions.

Death Rate

A statistical measure representing the number of deaths in a particular population, scaled to the size of that population, per unit of time.

Life Expectancy

The average period that a person may expect to live, often used to gauge the health and well-being of populations.

Health Expectancy

An estimate of the amount of time an individual is expected to live in good health, taking into account mortality and morbidity.