In the equation for the production function H/L represents
a. natural resources per worker.
b. human capital per worker.
c. output per worker.
d. physical capital per worker.
b
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The economic way of thinking has to do with:
A) analyzing benefits but not costs. B) analyzing costs but not benefits. C) making choices at the margin. D) making the distinction between microeconomics and macroeconomics.
An aggregate demand curve
A. shows various quantities of total real output which will be offered for sale at various alternative price levels. B. shows the various ways that a given national income can be divided between prices and real output. C. Shows the relationship between the level of real output and the level of employment. D. shows the amount of real output we will collectively purchase at various alternative price levels.
Ahmed is working and is spending more than he is earning by using his savings to make up the difference. Which of the following statements is TRUE?
A. Ahmed is in equilibrium since he pays all of his bills. B. Ahmed is in disequilibrium. C. By using savings Ahmed has caused the balance of payments to go into a deficit situation. D. By using savings Ahmed is using special drawing rights.
The efficiency decision involves choosing the input combination or process that
A. Produces the greatest output. B. Results in the least cost for a given output. C. Has the lowest ratio of MPP to input. D. Results in the lowest output per dollar of input.