A production function represents the:
A. relative values of the inputs and modes of production.
B. relative costs of the inputs across various modes of production.
C. relationship between the quantity of inputs and the quantity of outputs.
D. relationship between the cost of the inputs and the revenue generated by the outputs.
C. relationship between the quantity of inputs and the quantity of outputs.
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Diminishing returns means that
A) each additional unit of labor produces successively more real GDP. B) hiring more labor must lower the real wage rate. C) each extra unit of real GDP produced requires less labor. D) hiring more labor results in less real GDP. E) each additional unit of labor produces successively less real GDP.
If the supply of iPods increases, then
i. the supply curve for iPods has shifted rightward. ii. the price of iPods has decreased. iii. there will be a movement upward along the iPod supply curve. A) i and iii B) i only C) i and ii D) i, ii and iii E) ii and iii
One reason that economists encourage free trade is that
A) it encourages a more rapid spread of technology. B) it allows us to exploit the workers of less developed countries. C) we can sell more goods. D) it increases our capital stock.
Explain how taxes are levied in a progressive income tax system and the rationale for choosing a progressive income tax structure