Suppose the production function is given by Q = min{K, L}. How much output is produced when 4 units of labor and 9 units of capital are employed?

Which of the following is NOT included in M1?

A) deposits in checking accounts B) deposits in checking accounts that pay interest C) savings accounts D) traveler's checks

Equilibrium expenditure is the level of expenditure at which

A) aggregate planned expenditure minus planned changes in inventories equals real GDP. B) aggregate planned expenditure plus planned changes in inventories equals real GDP. C) firms' inventories are zero. D) firms produce more output than they sell. E) firms' inventories are at the desired level.