The production function does NOT provide information about
A. the types of inputs used in the production process.
B. the relationship between changes in quantity of inputs and changes in the quantity of output.
C. the profits of producing a good.
D. the technology used in the production process.
Answer: C
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When a bank makes a loan by crediting the borrower's checking account balance with an amount equal to the loan:
A. money is created. B. the bank immediately loses reserves. C. the bank gains new reserves. D. the Fed has made an open-market purchase.
If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be inelastic
a. True b. False Indicate whether the statement is true or false
Assume that we want to drive our economy out of recession by generating a $400 billion change in national income. The MPC is 0.8 . Which of the following policy prescriptions would generate the targeted $400 billion change in income?
a. $120 billion increase in government spending and $50 billion increase in tax revenue b. $140 billion increase in government spending and $70 billion increase in tax revenue c. $160 billion increase in government spending and $120 billion increase in tax revenue d. $220 billion increase in government spending and $100 billion increase in tax revenue e. $400 billion increase in government spending and $300 billion increase in tax revenue
Table 11-2 QTRTC89590910293 10110100 11112105 12115110 ? In Table 11-2, MC of the last unit produced at the profit-maximizing output is
A. $5. B. $7. C. $8. D. $10.