A production function describes the
A) technological possibilities for converting factor inputs into outputs.
B) intellectual possibilities for converting factor inputs into outputs.
C) amount of resources available to the representative firm.
D) actual process of converting factor inputs into outputs.
A
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In a liquidity trap, monetary policy has ________ effect on aggregate spending because a change in the money supply has ________ effect on interest rates
A) no; no B) no; a large C) no; a small D) a large; a large
In colonial days, the wealth holdings among the colonists were
a. approximately equal to their incomes b. unequally distributed among the colonists c. about the same as in 1973 d. approximately zero because there was no appreciable accumulation of assets e. equally distributed among the colonists