An aggregate production function, when shown on a graph,
a. is linear and slopes upward
b. is linear and slopes downward
c. is horizontal
d. is vertical
e. slopes upward, and flattens out as more labor is used
E
You might also like to view...
The bulk of the M1 money supply is made up of
a. silver dollars and gold bars. b. check able deposits. c. currency and travelers checks. d. money market funds.
What situation results when an economy is producing at less than its capacity?
a. unemployment b. price controls c. specialization d. economic growth
Refer to the diagram below illustrating the market for corn. If the price in this market is fixed at $2 per bushel, then:
A. Sellers will not be able to sell all the corn that they intended to sell
B. Sellers will quickly run out of corn that they bring to market
C. Buyers will find too much corn in the market
D. Buyers will be able to get as much corn as they wish to buy
If incomes fall, then
A) the budget constraint shifts inward. B) the budget constraint shifts out. C) there is no change in the budget constraint. D) there is no relationship between the budget constraint and income.