Which is true?
A. Production functions consider only the value added part of a particular production process.
B. Production functions count raw materials, but not labor, as inputs into the production process.
C. Production functions do not count technology into the production process.
D. Production functions are as subjective as utility functions.
Answer: A
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one car is ________ pound(s) of cheese.
A. 1/250 B. 500 C. 1/20 D. 250
Falling inequality has been a feature of the HPAE due to land reform, free public education, free basic health care, and significant investments in infrastructure for communication, sanitation, and transportation
Indicate whether the statement is true or false
Which of the followings does NOT describe the money market in the ISLM model?
A) money demand function B) investment function C) money market equilibrium condition D) money supply
Health care improvements often don't happen because:
A. they are too expensive to implement. B. doctors overprescribe and drive the cost of health care too high. C. health care facilities don't exist in some parts of the world. D. they are too expensive to have any significant impact.