Multiple Choice
A production function describes the
A) intellectual possibilities for converting factor inputs into outputs.
B) amount of resources available to the representative firm.
C) technological possibilities for converting factor inputs into outputs.
D) actual process of converting factor inputs into outputs.
E) amount of labour available to produce outputs.
Correct Answer:

Verified
Correct Answer:
Verified
Q2: We assume that the representative consumer's preferences
Q3: A consumer's real disposable income equals<br>A)total income
Q4: Perfect substitutes will have<br>A)reverse L-shaped indifference curves.<br>B)curved
Q5: The principle that consumers and firms optimize<br>A)is
Q6: In a one-period economy, the expression
Q7: The consumer's work-leisure choice problem focuses on
Q8: Perfect complements will have<br>A)curved indifference curve, bowed
Q9: A utility function<br>A)measures relative happiness and income
Q10: In practice<br>A)lump sum taxes affect the effective
Q11: A static decision is one that<br>A)is made