Short-Run Production Function Assumes That

question 61

Multiple Choice

short-run production function assumes that

• A)the level of output is fixed.
• B)at least one input is a fixed input.
• C)all inputs are fixed inputs.
• D)both a and b
• E)both b and c

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Definitions:

Recession

A phase of short-term economic downturn characterized by decreased trading and industrial output, generally recognized by a drop in Gross Domestic Product across two consecutive quarters.

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The aggregate financial obligations incurred by a government of a country through borrowing.

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The income gained by the government through taxation, which is then used to fund public services and governmental functions.

Budget

An estimate of income and expenditure for a set period of time.