The recipe that defines the maximum amount of output that can be produced with K units of capital and L units of labor is the:
A. production function.
B. research and development schedule.
C. technological constraint.
D. total product.
Answer: A
You might also like to view...
If the balance on the current account is $842 billion and the balance on the financial account is -$603 billion, what is the balance on the capital account, assuming no statistical discrepancy?
A) $1,445 billion B) $239 billion C) $0 D) -$239 billion
In order to determine personal income, what adjustments have to be made to national income?
A) subtract undistributed corporate profits, corporate income tax, social security taxes, and then add government transfers and private interest payments B) subtract undistributed corporate profits, social security taxes, government transfers, and then add private interest payments C) subtract undistributed corporate profits, corporate consumption allowance, corporate income tax, social security tax and then add government transfers and private interest payments D) subtract corporate income tax and social security taxes and then add corporate dividends, government transfers, and private interest payments
What is the difference between positive and normative economics? How can knowledge of positive economics be useful in normative economics?
The larger the marginal propensity to save,
A) the smaller the multiplier. B) the larger the multiplier. C) the smaller the change in Real GDP, given a change in autonomous consumption. D) a and c E) none of the above