Accounting that relates how growth in inputs of production are related to growth in output is called:
A. input to output accounting.
B. national income accounting.
C. production accounting.
D. growth accounting.
D. growth accounting.
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Refer to the above figure. If government sets the maximum legal price of gasoline at $2 per gallon, then the $2 limit acts as
A) a price floor. B) a price ceiling. C) an equilibrium price. D) a just price.
A monopoly is the single supplier of a product with no ______.
a. established price b. limit to supply c. barriers to entry d. close substitutes
When total revenue minus total cost is equal to zero, the firm is:
A. earning above-average economic profit. B. earning a normal profit. C. losing too much money to stay in business. D. earning abnormally low profits.
One consequence of the long-run problem faced by farms has been a:
A. rapid increase in the price of farm output. B. massive exit of workers from agriculture to other sectors of the economy. C. smaller average farm size. D. reduction in U.S. exports of farm products.