Suppose that the Australian economy initially uses 50 billion hours of labor to produce $5 trillion of real GDP. If 50 billion more hours are employed and Australia's real GDP increases by $4 trillion more,

A) Australia's production function exhibits diminishing returns.
B) Australia's production function exhibits increasing returns.
C) Australia has an Okun Wedge of $1 trillion.
D) Australia has positive Lucas Wedge.
E) Australia's production possibility frontier has a positive slope.


A

Economics

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Countries that are authoritarian in nature ______.

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The figure below illustrates a tariff. On the graph, Q represents quantity and P represents price.

Figure 17-11


Refer to Figure 17-11. Government revenue raised by the tariff is represented by the area
a.
E.
b.
B + E.
c.
D + E + F.
d.
B + D + E + F.

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Which factor always results in an increase in price and quantity?

A. an increase in supply with no change in demand B. an increase in supply and a decrease in demand C. a decrease in demand and supply D. an increase in demand with no change in supply

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