A firm uses workers, land, and machinery for its production process. Which of the following statements is then true?
A) The only way the firm can change its output level in the long run is by changing the number of workers.
B) The only way the firm can change its output level in the long run is by changing the amount of land it owns.
C) The only way the firm can change its output level in the long run is by changing the amount of machinery.
D) The firm can change its output level in the long run by changing any or all of its three inputs.
Question 2
If you mow the lawn yourself, the lawn mowing is considered household production. If you pay Larry's Lawn Service to mow your lawn, the lawn mowing is considered
A) a leisure time activity.
B) a service, that will be counted as part of GDP.
C) a service, but is not counted as part of GDP because it simply replaces a service you used to perform.
D) rent, and therefore is counted as part of GDP.
E) underground production because it replaces the underground production of you mowing your lawn.
After all valves have been properly measured and adjusted as necessary, start the reassembly process ...
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