The production function describes the relationship between
A) the real wage and the quantity of labor supplied.
B) real GDP and the quantity of labor employed.
C) real and potential GDP.
D) real and nominal GDP.
E) potential GDP and the real wage rate.
B
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Which of the following groups within the Federal Reserve System is primarily concerned with open market operations?
A) The Federal Open Market Committee B) The Federal Advisory Council C) The Federal Reserve Bank presidents D) The Board of Governors
Which of the following statements about featherbedding is correct?
A. It could increase production costs, resulting in higher prices for products. B. The quantity of labor demanded by firms could actually decrease. C. It could lead to a lower wage and smaller employment in the long run. D. All of these
If the percentage increase in the quantity supplied equals the percentage increase in the price, the supply:
A. is perfectly elastic. B. has unit elasticity. C. is elastic. D. is inelastic.
Jack exported a rare painting illegally. This transaction will:
A) cause the GDP of his country to increase. B) not affect the calculation of his country's GDP. C) cause the GDP of the country he has exported it to increase. D) cause the GDP of his country to decrease.