The general form of the production function used in Chapter 10 is
A) Y = A + F(K, N).
B) Y = A - F(K, N).
C) Y = AF(K, N).
D) Y = A/F(K, N).
C
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The proportion of total direct expenditure made by local governments is called the centralization ratio.
A. True B. False C. Uncertain
Which of the following is the best definition of economics?
a. Economics is the study of how humans make decisions in the face of scarcity. b. Economics is the study of the division and specialization of labor. c. Economics is the study of the production of goods and services. d. Economics is the study of markets.
If the prices of all goods and services rise during the year,
a. real GDP may fall. b. nominal GDP must rise. c. nominal GDP may increase. d. real GDP must rise.
A decrease in demand will cause
a. an increase in supply. b. a decrease in supply. c. an increase in quantity supplied. d. a decrease in quantity supplied. e. an increase in equilibrium price.