In the equation for the production function Y/L represents
a. productivity.
b. output.
c. the availability of natural resources.
d. the amount of human capital.
a
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________ is the measure of the sensitivity of one variable to a change in another
A) Multiplier B) Elasticity C) Amplitude D) Buoyancy
At the profit-maximizing level of output, demand is
A) completely inelastic. B) inelastic, but not completely inelastic. C) unit elastic. D) elastic, but not infinitely elastic. E) infinitely elastic.
The following are comments by consumers about the wheat market. Which of them reflects a perfectly competitive market?
a. “It is unusual for a company to leave the wheat market.” b. “Getting into the wheat market can be difficult.” c. “The quality of wheat often declines as the price rises.” d. “It doesn‘t matter where you buy wheat, the quality is the same.”
Suppose that the total expenditures for a typical household in 2010 equaled $2,500 per month, while the cost of purchasing exactly the same items in 2015 was $3,000. If 2010 is the base year, the CPI for 2010 equals:
A. 1.00 B. 1.20 C. 1.25 D. 0.83