The production function is the
a. increase in the amount of output from an additional unit of labor.
b. marginal product of an input times the price of output.
c. relationship between the quantity of inputs and output.
d. shift in labor demand caused by a change in the price of output.
c
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Suppose that over a period of years the country of Quasiland switched from being an agriculturally-based economy to a technologically-based economy. As a result, many people lost jobs because they lacked the correct skills
As they search for new jobs, these people are part of A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) discouraged workers.
The "expected real" interest rate is the
A) rate actually quoted in financial markets. B) rate actually quoted in financial markets minus the expected inflation rate. C) rate actually quoted in financial markets plus the expected inflation rate. D) rate actually quoted in financial markets divided by the expected inflation rate.