Which of the following pairs is the most likely to exhibit an inverse relationship?
a. The price of a concert and the number of tickets people purchase.
b. Baseball players' salaries and their batting averages.
c. People's annual income and their expenditure on personal computers.
d. The amount of time you study and your grade point average.
a
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Which of the following statements is true?
A) The growth rate of manufactured exports from the U.S. exceeded the growth rate of manufactured goods from China in the early 2000s. B) The U.S. economy has failed to meet the demand for manufactured goods domestically. C) U.S. exports are worth more than its imports. D) The import of crude oil by the U.S. has been declining since 1960.
Which of the following statements is NOT true about the production function?
A) It gives the maximum output that can be obtained for a given level of inputs. B) A new production function does not have to be developed when there is technical progress since technology is included in the function. C) The production function depends upon the level of technology available to the firm. D) It specifies the cost of inputs necessary to produce a certain level of outputs.