An aggregate production function:
A) shows various combinations of labor and capital that can be used to produce a particular good.
B) shows various quantities of two goods that can be produced at a given cost.
C) shows the relationship between a country's GDP and its factors of production.
D) shows the relationship between a country's output and its price level.
C
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Since the 1940s, the demand for labor has expanded equally for both skilled and unskilled workers
Indicate whether the statement is true or false
Costs that remain the same no matter what changes occur in usage or sales are
a. variable costs b. semivariable costs c. fixed costs d. indirect costs e. hidden costs
Two goods are substitutes if:
A) an increase in the price of one leads to a shift to the left in the demand curve for the other. B) an increase in the price of one leads to an increase in demand for the other. C) an increase in the price of one will increase the supply of the other. D) a fall in the price of one leads to a reduction in supply for the other.
Expectations are destabilizing if they are based on the belief that exchange rates eventually return to the values consistent with basic economic conditions.
Answer the following statement true (T) or false (F)