The relationship between the quantity of inputs and the quantity of outputs is called a:
A. cost function.
B. production function.
C. profit function.
D. resource function.
B. production function.
You might also like to view...
If the quantity of money starts to grow more rapidly than real GDP and velocity does not change, the result is
A) slower growth in the price level. B) an increase in investment. C) more rapid growth in potential GDP. D) the inflation rate rises. E) an eventual slowing in the growth rate of the quantity of money.
What are the various time lags that affect discretionary fiscal policy, and what are their effects?
What will be an ideal response?
Straight line pay for performance
a. Eliminates the managers' incentives to lie about the budget b. Breaks the link between meeting a particular budget goal and compensation c. Rewards the manager for doing more and punishes them for doing less d. All of the above
Fab Tools Inc can produce 150 widgets and 100 axes in a month. Another company AllMyTools Inc can produce 180 widgets and 50 axes per month. Which of the following statements is true?
a. Fab Tools has a comparative advantage in the production of widgets. b. Fab Tools has an absolute advantage in the production of both goods. c. AllMyTools has a comparative advantage in the production of widgets. d. AllMyTools has an absolute advantage in the production of both goods.