Outputs in the production process are
A. money.
B. resources.
C. goods and services of value to households.
D. pollution.
Answer: C
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For a nonrenewable natural resource, such as oil, the equilibrium price ________ the market fundamentals price
A) is always the same as B) can be greater than but not less than C) can be less than but not greater than D) can be less than, greater than, or equal to
Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that A = 1,000, the capital stock is $32,000 billion, and the labor force is 120 million (or 0.120 billion) workers. The value of the marginal product of labor is
A) $14,290.17. B) $17,043.29. C) $20,451.95. D) $22,724.33.
The index that is not based on a fixed market basket of goods and services is the
A) CPI. B) PPI. C) Wholesale Price Index. D) GDP Price Deflator.
Between 1977 and 2004, the inflation-adjusted prices for an array of goods traded between countries __________ while the inflation-adjusted prices for an array of goods not traded between countries _____________________
A) fell; increased. B) rose; increased as well. C) fell; decreased as well. D) rose; decreased.