If a firm uses labor to produce output, the firm's production function depicts the relationship between
a. the number of workers and the quantity of output.
b. marginal product and marginal cost.
c. the maximum quantity that the firm can produce as it adds more capital to a fixed quantity of labor.
d. fixed inputs and variable inputs in the short run.
a
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Conditions of today's developed countries at the start of their industrialization differ from conditions in the developing world in that
a. population growth rates were higher. b. more advanced technology was available. c. there were more opportunities for development assistance. d. none of the above.
If the Fed allows the federal funds rate to fall well below the rediscount rate it is likely that the Fed will
A) lower the rediscount rate and increase c, the proportion of demand deposits held as cash. B) raise the rediscount rate. C) increase loans to banks. D) decrease loans to banks.
A decrease in the price of the good on the horizontal axis rotates the budget constraint counterclockwise
a. True b. False Indicate whether the statement is true or false
Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, China's growth rate was faster than India's during this 26 year period because:
A. China received more contributions from human capital than India received. B. China invested more in physical capital than India invested. C. China's growth was based more on human capital and India's growth was based more on physical capital. D. China's growth was based more on human capital and India's growth was based more on technological progress.