A curve that relates an economy's total output to the total amount of labor employed, holding all other determinants of output constant, is called
A. an input-output matrix.
B. an average output function.
C. a marginal product function.
D. an aggregate production function
Ans: D. an aggregate production function
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How do the wages in the United States compare to those in northern Europe?
A. U.S. wage rates are higher than those of all northern European nations. B. Northern Europe’s average wage rates are higher. C. U.S. wage rates are higher than those in Germany and the Netherlands. D. They are similar.
Suppose a tax of $0.10 per unit on a good creates a deadweight loss of $100 . If the tax is increased to $0.25 per unit, the deadweight loss from the new tax would be
a. $200. b. $250. c. $475. d. $625.
Autonomous consumption is
A) the change in consumption that results as a person's (or nation's) income increases or decreases. B) that portion of total consumption that is dependent upon the level of income. C) the steady increase in the consumption of goods and services that automatically occurs as a person grows from a child to an adult. D) that portion of total consumption that is independent of the level of income.
The equation of exchange states that:
A. money supply multiplied by real output equals velocity. B. velocity multiplied by money supply equals the selling price times the quantity of actual output. C. money supply divided by velocity equals nominal GDP. D. money supply divided by velocity equals real GDP.