A production function shows
A. How total costs increase as labor is added.
B. How a firm's costs of production increase as it produces more goods.
C. How a firm's production changes as quantity of labor and other inputs changes.
D. How production changes as its unit costs go up.
Answer: C
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Which of the following could shift the demand for a good to the right?
a. a decrease in income, if the good is a normal good b. an increase in the price of a complementary good c. a decrease in the good's price, if the good is normal d. an increase in the good's price, if the good is inferior e. an expectation of a future price increase
A U.S. firm that buys ______ goods must sell its ______ to pay for those goods.
a. Chinese; Chinese currency to obtain U.S. dollars b. Mexican; U.S. dollars to obtain Chinese currency c. Chinese; U.S. dollars to obtain Chinese currency d. Mexican; Chinese currency to obtain U.S. dollars
According to supply-side theory, which of the following would cause a leftward shift in the aggregate supply curve?
A. Eliminating excessive government regulation. B. Reducing the minimum wage. C. Increasing government regulations. D. Reducing discrimination in employment.
The fallacy of composition refers to the false assumption:
A. that what is true for a part will also be true for the whole. B. that if A happens before B, then A caused B. C. of all other things held constant. D. that what is true for the whole must also be true for a part.