The production function is
a. the increase in the amount of output from an additional unit of labor.
b. influenced by the productivity of workers.
c. the marginal revenue produce minus the wage rate paid to workers.
d. All of the above are correct.
b
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Which of the following is likely to happen if the annualized growth rate of money supply increases while real GDP remains unchanged?
A) The unemployment rate will rise. B) The nominal GDP will fall. C) The inflation rate will fall. D) The inflation rate will rise.
The price elasticity of demand for corn is 0.4. A new hybrid of corn is discovered and all farmers start to use it, which increases the quantity of corn they can produce from each acre. What happens to the farmers' total revenue?
A) The total revenue will increase. B) The total revenue will decrease. C) The total revenue will not change. D) There is not enough information to determine what happens to the total revenue.