Only socialist economies need to answer the What, How, and For Whom questions

In the classical system, the quantity of money

a. determines the price level and, for a given real income, the level of nominal income. b. does not affect the equilibrium values of output, employment, and the interest rate. c. affects the equilibrium values of output, employment, and the interest rate. d. Both a and b e. Both a and c

A production function represents the:

A. relative values of the inputs and modes of production. B. relative costs of the inputs across various modes of production. C. relationship between the quantity of inputs and the quantity of outputs. D. relationship between the cost of the inputs and the revenue generated by the outputs.