Which of the following is a definition of the aggregate production function?
a. the relationship describing which inputs an economy can use with different quantities of labor
b. the relationship describing how much labor an economy can supply with different quantities of capital
c. the relationship describing how much output an economy can produce with different quantities of labor
d. the relationship describing what services an economy can produce with different quantities of capital
e. the relationship describing how much output a firm can produce with different quantities of capital
C
You might also like to view...
Under a fixed exchange rate system, the exchange rate
a. is equal to one. b. fluctuates as the price of gold fluctuates. c. is fixed and interest rates must vary in response to balance of payment movements. d. can periodically change as economic conditions change.
The disagreement value in a nonstrategic game is most closely related to
a. opportunity costs b. fixed costs c. total profit d. accounting costs
Which one of the following would cause an increase in the supply of planes?
A. an improvement in the technology used to produce planes B. an increase in the price of planes C. an increase in taxes applied to plane producers D. a decrease in the demand for planes
In goods market equilibrium in an open economy,
A. the desired amount of national saving must equal the desired amount of domestic investment plus the amount lent abroad. B. the desired amount of exports must equal the desired amount of imports. C. the desired amount of exports must equal the desired amount of imports less the amount lent abroad. D. the desired amount of national saving must equal the desired amount of domestic investment.