A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the
A. real interest rate.
B. marginal product.
C. productivity relation.
D. production function.
Answer: D
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The Dow Jones Industrial Average is now based on the prices of the stocks of
a. 30 major U.S. corporations. b. 100 major U.S. corporations. c. 500 representative U.S. corporations. d. 1,000 representative U.S. corporations.
The time it takes a change in economic policy to induce people and firms to change their behavior is the implementation lag.
Answer the following statement true (T) or false (F)
If the demand for oranges is written as Q = 100 - 5p, then the inverse demand function is
A) Q = 5p - 100. B) Q = 20 - .2p. C) p = 20 - 5Q. D) p = 20 - .2Q.
Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20, producer surplus will
A) fall by $200. B) fall by $300. C) remain the same. D) rise by $200. E) rise by $300.