The aggregate production function shows how much output the economy can produce
a. with different quantities of labor, land, capital and states of technology
b. with different quantities of labor and capital, for given amounts of land and a given state of technology
c. with different quantities of labor, for given amounts of land and capital, and a given state of technology
d. with a given amount of money
e. with different amounts of money and given amounts of land, labor, capital, and a given state of technology
C
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Value-creating contracts require underlying laws that:
a. clearly define the rights and obligations of the parties. b. discriminate between the rights of the different income groups. c. describe the final distribution of rights among the transacting parties. d. create equal distribution of wealth.
A debit card is
A) money because it is a means of payment. B) not money but is used to transfer bank deposits which are money. C) money because it is generally accepted as a means of payment. D) not money because it is not officially issued by the government. E) part of the M2 money supply but not part of the M1 money supply.
The Jeans Store sells 7 pairs of jeans per day when it charges $100 per pair. It sells 8 pairs of jeans per day at a price of $90 per pair. The marginal revenue of the eighth pair of jeans is
A) $20. B) $90. C) $100. D) $700.
A reduction in the rate of population growth
A) always causes an increase in economic growth. B) never causes an increase in economic growth. C) may or may not cause an increase in economic growth. D) will cause a reduction in economic growth if accompanied by an increase in the rate of growth of real GDP.