A production function establishes the relationship between:
A) the market price of a good and the sales revenue generated.
B) the quantity of output produced and the firm's profit.
C) the quantity of inputs used and the quantity of output produced.
D) the market price of a good and the quantity of output supplied.
C
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An increase in which of the following will increase the value of the spending multiplier?
A) The supply of money B) Equilibrium output C) Personal income tax rates D) The marginal propensity to consume E) The required reserve ratio
Which of the following is not an example of an economic trade-off that a firm has to face?
A) whether it is cheaper to produce with more machines or with more workers B) whether it should produce more of its product C) whether or not consumers will buy its products D) whether it is to outsource the production of a good or service