The productivity curve is a relationship between
A) real GDP per hour of labor and capital per hour of labor, with technology held constant.
B) capital per hour of labor and technological growth.
C) nominal GDP per hour of labor and capital per hour of labor, with technology held constant.
D) real GDP per unit of capital and capital per hour of labor, with technology held constant.
E) real GDP per hour of labor and capital per hour of labor whenever technological growth occurs.
A
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Suppose electricity (E) can be produced with coal (C) or gas (G) to operate steam turbines (T). Suppose gas is more efficiently burned than coal but that they are otherwise perfect substitutes. E = min((G + .5C), T). The isoquants between gas and coal will be
a. hyperbolas b. quarter circles c. straight lines
For any given financial asset, risk levels and average expected rates of return are:
A. independent of each other. B. negatively related because assets with higher average expected rates of return sell for higher prices, which are inversely related to risk. C. positively related because both are inversely related to the rate of inflation. D. positively related because investors must be compensated for taking greater risks.