Hwk+3+Wiith+Answers - Global Economy Econ 13/IS 13 Due in...

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Global Economy, Econ 13/IS 13 Due in class on Wed, Nov 10 th (70 Points) 1. Constant returns to scale is the point on a production function where increasing inputs will no longer increase output. True / False 2. An increase in capital increases productivity only if it is purchased and operated by domestic residents. True / False 3. Which of the following would be human capital and physical capital, respectively? a. for an accounting firm, the accountants’ knowledge of tax laws and computer software b. for a grocery store, grocery carts and shelving c. for a school, chalkboard and desks d. for a library, the building and the reference librarians’ knowledge of the Internet 4. All else equal, if there are diminishing returns, then which of the following is true if a country increases its capital by one unit? a. Output will rise by more than it did when the previous unit was added. b.
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Hwk+3+Wiith+Answers - Global Economy Econ 13/IS 13 Due in...

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