Suppose production in an economy is represented by a Cobb-Douglas production function.
If each worker in the economy becomes more productive while the number of workers in the economy, the capital stock and the state of technology remains unchanged, ________.
A) the inflation rate in the economy will decrease
B) the exchange value of its currency will increase in the foreign exchange market
C) the income per capita of the economy will decrease
D) the gross domestic product of the economy will increase
Question 2
If the demand for used cars decreases after the price of a new car falls, used cars and new cars are
A) substitute goods.
B) inferior goods.
C) normal goods.
D) complementary goods.
E) The questions errs because it is the quantity of used cars, NOT the demand for used cars, that will change when the price of a new car falls.
Transformation of Exponential Function
An Estimate of the Time of Global Peak Conventional Oil Production
How to use right endpoints to find an expression showing the area of a function
The Production Function
Converting cubic graph to function
State the transformations on the function f(x)= 4sin(x-pi)-2 and then graph two cycles below.