Production functions only apply to advanced economies
Indicate whether the statement is true or false
False. Production functions describe the relationship between inputs and outputs, and apply to all kinds of economies.
Economics
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Describe the circular flow of the economy by discussing the two markets where households and firms meet
What will be an ideal response?
Economics
The idea of the invisible hand was introduced by
a. Wassily Leontief. b. Adam Smith. c. Thomas Jefferson. d. Mountifort Longfield.
Economics
If the demand for leather decreases, producer surplus in the leather market
a. increases. b. decreases. c. remains the same. d. may increase, decrease, or remain the same.
Economics
In 1973, ____ out of 7 Americans worked in manufacturing, but by 1996, just ____ in 7 did.
Fill in the blank(s) with the appropriate word(s).
Economics