The ________ describes the relationship between the amount of labor employed and real GDP
A) production function
B) production possibilities frontier
C) Lucas Wedge
D) inflation rate
E) Okun Gap
A
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If gross investment for a year was $120 billion and net investment was $65 billion, then in that year the country's capital stock ________.
A. increased by $65 billion B. increased by $55 billion C. decreased by $55 billion D. may have either increased or decreased
Refer to Figure 18.2. After trade and specialization begin, the maximum amount of spears that Macadamia can consume is
A) 40. B) 100. C) 120. D) 160.
Just as indifference maps represent consumer tastes, so isoquant maps represent a producer tastes.
Answer the following statement true (T) or false (F)
The use of money for exchange:
A. encourages more specialization in production. B. increases the importance of a coincidence of wants. C. increases the use of barter. D. reduces consumer sovereignty.