Which one of the factors of production originates as an output from the production process, and is subsequently used as an input into the production process?
The input in question is capital.
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Refer to Figure 11-2. Diminishing returns to labor set in
A) after L1. B) after L2. C) after L3. D) immediately.
In the basic closed-economy ISLM model, as the interest sensitivity of investment spending increases, fiscal policy has ________ effect on output and monetary policy has ________ effect on output
A) less; less B) more; more C) more; less D) less; more
Adhering to a strict fixed exchange rate system means that
a. no country will experience inflation or recession. b. each nation improves control over its money supply. c. each nation loses some control of its monetary policy and its domestic economy. d. each nation improves control over its fiscal policy and aggregate demand.
A monopolistically competitive firm minimizes its losses by producing where MR = MC as long as
A. P > AFC. B. P > AVC. C. P > MR. D. P > ATC.