An equation that captures how inputs of production are related to output is called a:
A. GDP deflator.
B. consumption function.
C. production function.
D. saving function
Answer: C
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Financial intermediaries develop ________ in things such as computer technology which allows them to lower transactions costs
A) expertise B) diversification C) regulations D) equity
In the simple Keynesian model, if the equilibrium level of income is $300 billion, the MPC is 0.75, and government expenditures increase by 20 billion. What is the new equilibrium level of income?
a. $320 billion b. $380 billion c. $220 billion d. $520 billion
If a consumer allocates income between goods A and B, total utility is maximized when:
a. the marginal utility of A = the marginal utility of B. b. the marginal utility of A = the marginal utility of B = 0. c. the price of A = price of B. d. marginal utility of A / price of A = marginal utility of B / price of B = 0. e. marginal utility of A / price of A = marginal utility of B / price of B.
A limitation one faces when shopping for clothes is the amount of time available to shop
a. True b. False Indicate whether the statement is true or false