A production function tells the firm
A) the maximum it can expect to produce with a given mix of inputs.
B) the average it can expect to produce with a given mix of inputs.
C) the minimum it can expect to produce with a given mix of inputs.
D) the average level of production for other firms in the industry.
A
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People who "sell short" are selling goods
A) at below-market prices. B) of poor quality. C) to purchasers who cannot afford to pay for them. D) they do not yet own. E) with the expectation of buying them back again.
The HPAE "economic miracle" illustrates a clear case in which
A) exports and growth were positively related. B) exports were promoted by successful economic growth. C) economic growth was determined by successful export promotion. D) trade policy dominated other considerations in promoting economic growth. E) import substitution enhanced economic development.