A production function describes
a. how a firm maximizes profits.
b. how a firm turns inputs into output.
c. the minimal cost of producing a given level of output.
d. the relationship between cost and output.
b
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According to the text, all of the following are EU member states EXCEPT:
a. Poland b. Ukraine c. France d. Germany e. Greece
List the three main sources of economic development
What will be an ideal response?
A contractionary monetary policy tends to ____ the United States dollar relative to foreign currencies, and to _____ our balance of trade.
A. raise; help B. raise; hurt C. lower; help D. lower; hurt
If real GDP decreased by 1% and nominal GDP increased by 2%, then output:
a. increased and the price level increased. b. increased and the price level decreased. c. decreased and the price level increased. d. decreased and the price level decreased.