What is the aggregate production function?
What will be an ideal response?
The aggregate production function is the relationship that tells us how real GDP changes as the quantity of labor changes when all other influences on production remain the same.
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What is the approximate cost to a professional basketball team of giving ten free tickets for a particular game to children in an orphanage?
A) Probably nothing if the game is not sold out. B) The face price of the tickets C) The value of the opportunities forgone by putting on the game, divided by the number of seats (times ten) D) We cannot tell unless we know the value the orphans place on attending.
Karl Marx predicted that the exploitation of workers would cause capitalism to self-destruct
a. True b. False Indicate whether the statement is true or false
If the real exchange rate is greater than 1, then the
a. nominal exchange rate x U.S. price > foreign price. The dollars required to purchase a good in the U.S. would buy more then enough foreign currency to buy the same good overseas. b. nominal exchange rate x U.S. price > foreign price. The dollars required to purchase a good in the U.S. would not buy enough foreign currency to buy the same good overseas. c. nominal exchange rate x U.S. price < foreign price. The dollars required to purchase a good in the U.S. would buy more then enough foreign currency to buy the same good overseas. d. nominal exchange rate x U.S. price < foreign price. The dollars required to purchase a good in the U.S. would not buy enough foreign currency to buy the same good overseas.
Refer to the information provided in Figure 3.10 below to answer the following question(s).
Figure 3.10Refer to Figure 3.10. A decrease in the price of pizza sauce will cause a movement from Point B on supply curve S2 to
A. supply curve S1. B. supply curve S3. C. Point A on supply curve S2. D. Point C on supply curve S2.