A firm's _______ contains all combinations of inputs and outputs that the firm can achieve using efficient production methods.
A. production possibilities set
B. efficient production frontier
C. production function
D. production possibilities curve
B. efficient production frontier
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Mr. Kohl made $44,000 in 2004, the base year. By 2010 he was earning $60,000. If the CPI had risen to 120 by 2010, how much were Mr. Kohl's real wages that year, and by what percentage had they changed?
What will be an ideal response?
Using Figure 1 above, if the aggregate demand curve shifts from AD3 to AD2 the result in the short run would be:
A. P3 and Y1. B. P2 and Y1. C. P2 and Y3. D. P1 and Y2.
The locus of points representing the minimum unit cost of producing any given rate of output is the
A) short-run average total cost curve. B) long-run marginal cost curve. C) short-run total cost curve. D) long-run average cost curve.
Refer to the above graph for a private closed economy. If the consumption schedule shifts up by $50 B at all levels of income or output, then the equilibrium GDP will increase to:
A. $550 B
B. $300 B
C. $600 B
D. $150 B