In economics, the term production function refers to the relationship between ______.
a. value of inputs and value of outputs
b. marginal product and marginal costs
c. quantity of inputs and quantity of outputs
d. economic profits and accounting profits
c. quantity of inputs and quantity of outputs
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The unemployment rate is equal to
a. the number unemployed divided by the labor force. b. the number unemployed divided by the population. c. the number unemployed divided by the number employed. d. the labor force divided by the population.
People who spend more time and effort investigating the advantages and disadvantages of different automobile models when they go to purchase one than they do investigating the strengths and weaknesses of presidential candidates are saying, in effect, that
a. a good car is more important to their well-being than a good president. b. they expect to use the information on the merits of alternative cars to greater personal advantage than they could information on the merits of alternative presidential candidates. c. they are irrational, because the choice of a president is obviously far more important than the choice of a car. d. they do not think it matters who is elected president.