ECON252 Interim Exam #1 10-03-2013 - PINK

D alloftheabovecouldbetrue 39

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Unformatted text preview: ital equipment for workers to use. (Use the following graph to answer questions 34–35.) Illustrated below are various per worker production functions. Y/L C B A K/L 34. These production functions illustrate A. diminishing returns to labor. B. increasing returns to labor. C. diminishing returns to capital. D. increasing returns to capital. 35. Consider the production function B. An increase in labor productivity would result in A. a movement to production function A. B. a movement leftward along production function B. C. a movement to production function C. D. a movement rightward along production function B. 36. Which of the following most accurately characterizes the method used to calculate inflation? A. Researchers observe the interest rate at two points in time and infer the rate of inflation from the difference. B. Government workers poll households to find out how much change there is in the prices that they are paying. C. Economists measure the changes in prices for three goods (gasoline, gold, and wheat) t...
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