The two main characteristics of the production function are
A) it slopes downward from left to right, and the slope becomes flatter as the input increases.
B) it slopes upward from left to right, and the slope becomes steeper as the input increases.
C) it slopes upward from left to right, and the slope becomes flatter as the input increases.
D) it slopes downward from left to right, and the slope becomes steeper as the input increases.
C
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The largest single component of M2 is
A) currency held by the public. B) money market mutual funds. C) demand deposits. D) savings deposits.
Sally Jones lost her job at a steel company because of a permanent decline in the demand for steel. Sally Jones is considered by economists to be
A) naturally unemployed. B) cyclically unemployed. C) structurally unemployed. D) frictionally unemployed.
All else equal, it is more likely for a case to be settled the ________ the defendant's assessment of the expected payment to the plaintiff and the ________ the plaintiff's assessment of the expected (received) payment.
A) smaller; smaller B) smaller; larger C) larger; larger D) larger; smaller
Engel's law states that income elasticities are
a. negative for normal goods b. positive for inferior goods c. higher for food in industrialized nations than in nonindustrialized nations d. less than one for food e. usually about equal to one