Using the textbook's production function, an increase in A requires that one percent more labor working with ________ capital produces more ________
A) an unchanged amount of, real GDP
B) an unchanged amount of, real GDP per labor input
C) one percent more, real GDP
D) one percent more, real GDP per labor input
D
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The Lorenz curve shows
A) how poverty rates change over time. B) the percentage of population below the poverty line. C) the degree of inequality in the income distribution. D) the ratio of cash income to payments-in-kind.
One firm previously operated as a monopoly. Now, one potential entrant exists. Consumers would prefer
A) entry, and the firms to split the output equally. B) no entry, and for the incumbent to produce the Stackelberg leader level of output. C) entry, and for the incumbent to produce the Stackelberg leader level of output. D) no entry, and the monopoly to continue.