The graph that relates hours of labor input to output is called the
A. consumption function.
B. conjunction function.
C. capital function.
D. production function.
Answer: D
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When a central bank targets inflation, its inflation targets are usually specified as
A) a specific inflation rate target, for example, 1 percent. B) the short-term interest rate minus 2 percent. C) a point on the short-run Phillips curve. D) a range for the inflation rate. E) deviations from the inflation rate.
When a firm has maximized profits
A) it has also minimized total costs. B) the marginal product of each input is also maximized. C) the marginal physical product is greater than the input price for all inputs. D) its marginal cost is zero.
A . Explain the difference between a closed shop and a union shop. b. Which of these would firms prefer? Why? c. Which of these would unions prefer? Why?
Lorena considers coffee and tea to be substitutes. Therefore, the cross elasticity of demand between coffee and tea for Lorena must be:
a) positive b) negative c) positive and higher than 1 d) positive and less than 1