The production function
A) gives the maximum amount of output for a given level of inputs.
B) gives the implicit costs for all inputs.
C) gives the amount of time necessary to reach the long run.
D) allows us to compute the difference between accounting and economic profits.
Answer: A) gives the maximum amount of output for a given level of inputs.
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During an economic expansion, housing and stock prices generally
a. fall, leading to a reduction in aggregate demand. b. fall, leading to an increase in aggregate demand. c. rise, leading to a reduction in aggregate demand. d. rise, leading to an increase in aggregate demand.
One reason some economists are critical of the Lorenz curve is because
A) it reflects income before taxes. B) it reflects income after taxes. C) it reflects only the top bracket of taxpayers. D) it reflects only the poor in the country.