The term Production Function refers to the
A) use of machinery and equipment in production.
B) relationship between costs and output.
C) relationship between inputs and output.
D) role of labor unions.
C
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Personnel economics is
A) the study of how workers are affected by tax law changes. B) the application of economic analysis to the hiring decision. C) the application of economic analyses to human resource issues. D) the study of the factors that determine wage rates.
If the government imposes a sales tax on a good with a relatively more inelastic demand, the _____
a. tax revenue collected by the government will be large b. tax revenue collected by the government will be small c. deadweight loss from the tax will be large d. tax burden on producers will be large
Full-employment income is the same as the potential GDP of the economy.
Answer the following statement true (T) or false (F)
According to the text, the portion of total U.S. national income spent on health care was about ________ in 2015 as opposed to about ________ in 1965
A) 34 percent; 17 percent B) 17 percent; 34 percent C) 6 percent; 17 percent D) 17 percent; 6 percent