The firm's production function is the relationship between the ________ and ________
A) output produced; the quantities of all inputs
B) maximum output attainable; the quantity of variable inputs
C) possible range of maximum output; the quantity of variable inputs
D) maximum output attainable; the quantities of both labor and capital
D
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Which of the following statements is TRUE in the short run?
A) Generally, labor is a fixed input. B) Generally, capital is a fixed input. C) Raw materials are generally considered to be fixed inputs. D) None of the above.
The inflation tax
a. is an alternative to income taxes and government borrowing. b. taxes most those who hold the most money. c. is the revenue created when the government prints money. d. All of the above are correct.
The Taylor rule is a recommendation of how
A) banks should determine worthy loan recipients. B) the Fed should set the required reserve ratio. C) the Fed should set the federal funds rate target. D) banks should securitize their debt.
There are several jewelry manufacturers in Richland. However, the jewelry produced by different manufacturers has different designs and the products are never identical. The jewelry market in Richland is an example of a ________
A) duopoly B) monopoly C) perfectly competitive market D) monopolistically competitive market