According to the production function,as the quantity of labor employed increases,real GDP increases
A) at an increasing rate.
B) at a decreasing rate.
C) at a constant rate.
D) and then eventually decreases.
E) until it reaches potential GDP,and then it no longer changes.
Correct Answer:
Verified
Q30: Which of the following is true?
A)Real GDP
Q31: Diminishing returns means that
A)each additional unit of
Q32: The production function displays
A)increasing returns.
B)real returns.
C)diminishing returns.
D)average
Q33: To determine GDP from the production function,we
Q34: During a business cycle recession,it is very
Q36: The production function describes the relationship between
A)the
Q37: A country's potential GDP is determined,in part,by
A)the
Q38: The production function shows that potential GDP
Q39: At any given time,which factor of production
Q40: The amount of real GDP produced at
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