When demand is relatively elastic, the deadweight loss of a tax is larger than when demand is relatively inelastic

Refer to Scenario 2. By examining the t-statistics associated with the regression coefficients, at the 5 percent significance level, which of the two independent variables are statistically different from zero?

What will be an ideal response?

The aggregate production function is the

a. relationship between the amount of labor employed in the economy and the total amount of output produced b. relationship between available labor and the total amount of output produced c. the relationship between land and capital and labor employed in the economy d. long-run equilibrium of the macroeconomy e. amount of output any worker can produce given existing land and capital constraints