Increases in productivity cause the:
A. production function to shift upward.
B. production function to shift downward.
C. depreciation function to shift downward.
D. investment curve to shift downward.
Answer: A. production function to shift upward.
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What will be an ideal response?
The Bay Area subway system, BART, offers senior citizens discounted fares for BART rides. This suggests that BART authorities believe that senior citizens have a ________ demand for subway rides
A) less price elastic B) more income elastic C) more price elastic D) less income elastic
Which diagram below illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy?
In the diagrams below, the subscript "1" refers to the initial position of the curve, while the subscript "2" refers to the final position after the curve shifts.
A. A
B. B
C. C
D. D
The aggregate demand curve or schedule shows the relationship between the total demand for output and the:
A. Income level B. Interest rate C. Price level D. Real GDP