Which of the following equations based on capital (K) and labor (L) inputs does not represent a plausible production function?
A) F(K,L) = 3KL
B) F(K,L) = 3K
C) F(K,L) = K + L - 1
D) F(K,L) = 10(KL)0.5
C
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What mechanism assures that firms produce outputs that consumers actually desire?
A. governmental regulations on the mix of outputs B. altruism C. the desire for profit D. a desire to serve others without thought of reward E. All of the responses are correct.
Governments of market-oriented economies never tamper with the price mechanism
a. True b. False Indicate whether the statement is true or false
Other things constant, a decrease in nominal GDP will generally
a. increase the demand for money. b. decrease the demand for money. c. increase the nominal interest rate. d. decrease the money supply.
The concept of absolute poverty states that anyone who falls too far behind the average income should be considered poor.
Answer the following statement true (T) or false (F)