In economics, the term production function refers to the relationship between ______.
a. value of inputs and value of outputs
b. marginal product and marginal costs
c. quantity of inputs and quantity of outputs
d. economic profits and accounting profits
c. quantity of inputs and quantity of outputs
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Which of the following policies have been suggested as ways to boost the growth of productivity?
A) tax cuts to boost saving and investment B) reducing the budget deficit by raising taxes and cutting expenditures C) increasing public investment in education D) redesigning and scaling back the regulatory apparatus of the federal government E) all of the above
Business cycles are best categorized as
(a) fluctuations in the production and employment levels in the business sector of the economy. (b) major upswings and downturns in most sectors of the economy. (c) variations in international trade. (d) all of the above.
If the wage rate increases,
a. MPP will increase b. MLC will increase c. MRP will increase d. MPP will decrease e. TR will increase
Table 10-1 Aggregate Quantity Aggregate Quantity ? Demanded Supplied Price (billions) (billions) Level $3500 $2900 65 3400 3000 75 3350 3150 90 3250 3250 110 3100 3400 130 In Table 10-1, if full employment occurs at $3,400 billion, then
A. the economy experiences a recessionary gap of $75 billion. B. the economy experiences a recessionary gap of $150 billion. C. the economy experiences an inflationary gap of $75 billion. D. the economy experiences an inflationary gap of $150 billion.