The aggregate production function shows
a. the total output the economy can produce with different quantities of labor and technology, holding land and capital constant
b. the total output the economy can produce with different quantities of land and labor, holding capital and technology constant
c. the total output the economy can produce with different quantities of labor, holding land, capital and technology constant
d. the total output the economy can produce with different quantities of labor and capital, holding land and technology constant
e. the total output the economy can produce with different quantities of technology, holding land, labor and capital constant
C
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Which of the following would shift the saving schedule upward?
A. Consumer expectations of rising prices of products. B. Increased optimism about future incomes. C. A decrease in real interest rates. D. A decrease in wealth.
The figure above shows the situation facing Smart Digit, Inc, a firm in monopolistic competition that produces calculators. The firm's markup is ________ per calculator
A) zero B) $2 C) $4 D) $6
One way the consumer price index (CPI) differs from the GDP chain price index is that the CPI:
a. uses current year quantities of goods and services. b. includes separate market baskets of goods and services for both base and current years. c. includes only goods and services bought by typical urban consumers. d. is bias free.
Which of the following would be a laissez-faire approach for the government to follow?
a. take control of the nation's airline system b. regulate the allowable emissions of pollutants from electric plants c. remove all regulations on the channels a cable television system must carry d. become more stringent in the type of mergers that receive government approval e. protect dairy-farm owners with a guaranteed minimum price for milk