A production function represents the:
A. relative costs of the inputs across various modes of production.
B. relationship between the quantity of inputs and the quantity of outputs.
C. relationship between the cost of the inputs and the revenue generated by the outputs.
D. relative values of the inputs and modes of production.
Answer: B
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An economy is at a short-run equilibrium as illustrated in the above figure. An appropriate fiscal policy option to move the economy to full employment is to
A) lower the interest rate by increasing the quantity of money and move the economy to a full-employment equilibrium at point b. B) increase government expenditure and move the economy to a full-employment equilibrium at point b. C) increase tax rates and move the economy to a full-employment equilibrium at point c. D) increase government expenditure and move the economy to a full-employment equilibrium at point c. E) increase tax rates and move the economy to a full-employment equilibrium at point b.
Managers can reduce the probability of product failure through ________, which ________ the firm's costs.
A) testing; decreases B) audits; increases C) testing; increases D) audits; decreases
Which of the following statements is not correct?
a. Competitive markets tend to limit the impact of discrimination on wages. b. Differences in earnings of whites and blacks or men and women provide clear evidence of discrimination. c. Some differences in earnings are attributable to discrimination based on race, sex, or other factors. d. Profit-maximizing behavior can reduce discriminatory wage differentials.
Suppose Danielle receives the highest grade in the class on the first exam in her economics course. Regression to the mean implies that Danielle:
A. is likely to get an A in the class. B. isn't likely to do as well on the second exam. C. is likely to do even better on the second exam. D. is unlikely to forget the material she studied for the exam.