The Production Function Q = 50K^0.25L^0.75 Exhibits

question 44

Multiple Choice

The production function Q = 50K^0.25L^0.75 exhibits

• A)increasing, then diminishing returns to scale.
• B)increasing returns to scale.
• C)decreasing returns to scale.
• D)constant returns to scale.
• E)negative returns to scale.

Recognize the role of technology in authenticating checks and the importance of features like toner adhesion and chemical reactive paper.

Know the security implications of accepting postal money orders and third-party checks.

Understand how various security features, such as foil holograms and thermochromic icons, contribute to check authenticity.

Learn about the consequences of accepting checks written for more than the amount due and the practice of giving cash back.

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Definitions:

Sales Tax

A tax imposed by a government on sales of goods and services, typically calculated as a percentage of the purchase price.

Burden

In an economic context, this refers to the impact of a tax or other financial obligation on the parties involved, often measured in terms of how it affects their wealth or consumption.

Demand Function

A mathematical representation showing the relationship between the quantity demanded of a good and its price, along with other factors like income and prices of related goods.

Supply Function

A mathematical representation that shows the relationship between the quantity of a good supplied and its price.