What is the aggregate production function?
What will be an ideal response?
The aggregate production function is the relationship that tells us how real GDP changes as the quantity of labor changes when all other influences on production remain the same.
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How does money function as a unit of account? a. Money has intrinsic worth as a commodity
b. Money is convertible into commodities that have intrinsic worth. c. The prices of all goods and services are measured in terms of money. d. Things that function as money can do so because people know there is a standard of value that ultimately backs the money even if it is only faith. e. Bank accounts make it easy for people to store their wealth.
The demand for mansions is elastic because a small percentage change in price results in a large change in quantity demanded
a. True b. False Indicate whether the statement is true or false