Which of the following best describes a production function?
a. The relationship between the quantity of labor employed and total cost.
b. The relationship between consumer preferences and market demand.
c. The relationship between price and quantity supplied by sellers in a market.
d. The relationship between the amount of resources employed and the total output produced by a firm.
d
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According to economic theory, the political process tends to
A) benefit every participant equally. B) harm every participant equally. C) concentrate benefits in the hands of special interest groups and disperse the costs throughout the uninformed voters. D) support public projects that clearly pass a strict benefit-cost analysis.
If the government subsidizes the production of a good
A) an efficient outcome for producers occurs. B) overproduction relative to the efficient quantity occurs. C) a deadweight loss is created. D) Both answers B and C are correct.
Refer to Figure 13-3. Suppose the economy is at point C. If investment spending decreases in the economy, where will the eventual long-run equilibrium be?
A) A B) B C) C D) D
Which of the following financial securities is most liquid?
A) a cashier's check B) a share of stock C) a $20 bill D) a savings account