Which of the following statements best describes a production function?
A) the maximum profit generated from given levels of inputs
B) the maximum level of output generated from given levels of inputs
C) all levels of output that can be generated from given levels of inputs
D) all levels of inputs that could produce a given level of output
B
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A tax increase
A) decreases aggregate demand and the AD curve shifts leftward. B) increases aggregate demand and the AD curve shifts rightward. C) decreases the quantity of real GDP demanded and there is a movement up along the AD curve. D) increases the quantity of real GDP demanded and there is a movement down along the AD curve. E) does not shift or lead to a movement along the aggregate demand curve.
When the 2010 Patient Protection and Affordable Care Act is fully implemented, it will
a. substantially reduce the share of health care expenses paid by a third party. b. require all Americans to purchase health care insurance from either a private or government source. c. increase the competitiveness of the health insurance business by allowing people to purchase the insurance across state boundaries. d. reduce the demand for health care and thereby lead to lower prices for health care services.
Explain what can occur to cause an increase in the debt ratio
What will be an ideal response?
Which would contribute most to a firm experiencing "economies of scale"?
A. Rising long-run average costs B. The law of diminishing marginal returns C. Specialization of production within a firm D. Deterioration of information and control within a firm