Suppose the aggregate production function is given by the following: Y = N. Given this information, we know that labor productivity is represented by which of the following?
A) 1/N
B) N
C) N/Y
D) 1
D
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Which of the following statements is correct?
a. About 25 percent of the U.S. population earns an income below the poverty line. b. About 50 percent of blacks earn an income below the poverty line. c. Since 1980 the fraction of persons below the poverty level has risen sharply. d. None of these.
If the average price level falls, the real value of wealth also falls
a. True b. False Indicate whether the statement is true or false
A supply curve that illustrates the law of supply ____________.
Fill in the blank(s) with the appropriate word(s).
When the size of a factory (and all its associated inputs) doubles and, as a result, output more than doubles,
A. Economies of scale must exist. B. The law of diminishing returns must not apply in the smaller factory. C. Marginal costs must be declining. D. The short-run ATC curve must be declining.