Which of the four equations given below is INCORRECT?

Economics can be defined as:

_____________ refers to the change in the output of a firm or industry in the long run, when all inputs are increased or decreased simultaneously in the same ratio.

Which represent the marginal propensity to import?

Why are intermediate goods used to make final goods NOT included in the Net National Product?

Per Capita Real Income is calculated by dividing:

_______________ is a tariff that maximizes a country's welfare.

Which would you include when calculating the GNP?

In response to an increase in the demand for its goods, a firm takes a bank overdraft, buys raw materials with the money so raised, and increases production. The firm can be said to have resorted to:

The main area of application implementation of the Cobb-Douglas production function is:

Per Capita Real Income is calculated by dividing: