The aggregate production function is the relationship between the
a. total cost of labor and the quantity of output in the economy
b. total cost of labor and the total real cost of inputs
c. quantity of labor employed in the economy and the total quantity of output produced
d. cost of labor and the supply of labor
e. quantity of labor and the quantity of capital
C
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The slope of the consumption function is equal to the level of autonomous consumption
Indicate whether the statement is true or false
Under what conditions will the political process provide an inefficient amount of a public good?
What will be an ideal response?
If the percentage of the population that is below the poverty line has decreased, then the number of
a. poor must have increased. b. poor must have decreased. c. poor may have increased. d. people above the poverty line must have increased.
The "law" of diminishing returns asserts that marginal returns will ultimately diminish when the quantity of one input is increased
a. True b. False Indicate whether the statement is true or false