The graph of the production function plots total cost versus quantity of output
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
A production possibilities frontier with a bowed-outward shape indicates
A) the possibility of inefficient production. B) increasing opportunity costs as more and more of one good is produced. C) decreasing opportunity costs as more and more of one good is produced. D) constant opportunity costs as more and more of one good is produced.
If the nominal interest rate is 8 percent and the real interest rate is 3 percent, then the inflation rate equals:
A. 5 percent. B. 8 percent. C. 11 percent. D. 3 percent.
Which of the following is an asset of a central bank?
A) currency B) bonds C) reserves D) none of the above
Which of the following can help explain the technology gap that exists between some countries?
A) poorly established property rights B) political instability C) the relative absence of entrepreneurs D) all of the above E) none of the above