Compared to the U.S. production function, the European production function is
A) lower.
B) the same.
C) higher.
D) lower than the U.S. production function at low levels of employment and higher than the U.S. production function at high levels of employment.
E) higher than the U.S. production function at low levels of employment and lower than the U.S. production function at high levels of employment.
A
Economics
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In a simple circular-flow diagram, households buy goods and services with the income they get from
a. wages. b. rents. c. profits. d. All of the above are correct.
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The real wage
A. automatically increases with the cost of living. B. is the nominal wage divided by the price level. C. is the nominal wage multiplied by the price level. D. is the price level divided by the nominal wage.
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