A production function describes the
A) technological possibilities for converting factor inputs into outputs.
B) intellectual possibilities for converting factor inputs into outputs.
C) amount of resources available to the representative firm.
D) actual process of converting factor inputs into outputs.
A
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Describe the recession phase of a business cycle, including when it begins and when it ends
What will be an ideal response?
Money's use in non-barter transactions relates to its role as a
A) store of value. B) medium of exchange. C) unit of accounting. D) standard of deferred payment.
The use of pollution permits by the government to reduce pollution is:
A. theoretically interesting, but untried in the United States. B. common in several parts of the United States. C. common in the third world. D. workable in theory but unworkable in practice.
In their 1994 book, The Bell Curve, Murray and Herrnstein presented evidence that IQ is an important determinant of economic success.
Answer the following statement true (T) or false (F)