Potential GDP is the value of real GDP when all the​ economy's factors of production​ - _____,​ _____, _____, and​ _____ - are fully​ _____.   A. average​ costs; marginal​ costs; variable​ costs; fixed​ costs; minimized   B. ​labor; capital;​ stocks; bonds; employed   C. ​labor; capital;​ land; entrepreneurial​ ability; employed   D. ​wages; rent;​ interest; profits; optimized

M/c question - Micro 21)For a firm, what does the production function represent?  A. the relationship between quantity of output and total cost  B. the relationship between implicit costs and explicit costs  C. the relationship between quantity of inputs and quantity of output  D. the relationship between quantity of inputs and total cost 20) In the long-run, what happens to inputs?  A. Inputs that were fixed in the short run become variable  B. Inputs that were variable in the short run will decrease  C. Inputs that were variable in the short run will increase  D. Inputs that were fixed in the short run remain fixed

12. A typical family in the United States in 1900 had a purchasing power equal to the real U.S. GDP per capita in 2015. a. 1 b. 12 c. 70 d. 136 % of 13. Education's effect on productivity: a. is believed to be less important than the amount of physical capital a worker has available. b. is even more important than increases in physical capital. c. has fallen in the past century in the United States. d. depends on the wealth of the country.

An economy's infrastructure refers to its Opublic capital goods, such as roads, schools, and power facilities. O financial and banking institutions. Oland and natural resources. O surplus supplies of unskilled labor.