The bowed shape of the per-worker production function is caused by
A) wealth effects that reduce labor supply.
B) diminishing marginal productivity of capital.
C) increasing marginal productivity of labor.
D) increasing marginal productivity of capital.
B
Economics
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The lag between the time at which a policy is put in place and the time that policy affects the economy is called
A) the recognition lag. B) the impact lag. C) the implementation lag. D) the theoretical lag.
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In the short run, the expansion path is
A) horizontal. B) vertical. C) diagonal. D) indeterminate.
Economics