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
A
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Using taxes to finance a war, rather than deficits,
A) leads to a greater future capital stock. B) is generally not proposed by economists. C) shares less of the burden of the war with future generations. D) all of the above E) none of the above
Which of the following is true? a. Sellers are willing to supply more of a good or service at every price after costs have increased. b. A fall in the price of a product leads to an increase in the profits earned by sellers
c. A fall in the cost of production leads to a downward movement along the supply curve of a product. d. Sellers are willing to supply more of a good or service at every price after costs have decreased. e. An increase in the price of a product leads to a fall in the profits earned by sellers.