At any given price level, equilibrium GDP on the expenditure side occurs when ____
a. Y = C + I + G ? (X ? IM)
b. Y = C + I ? G
c. Y = C + I + G + (X ? IM)
d. Y = C + X + G + (X ? IM)
c
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Consider the labor market below. 
In the absence of any government intervention, the equilibrium wage is ________ per hour, and the equilibrium employment level is ________ workers per hour.
A. $4; 200 B. $12; 200 C. $8; 400 D. $12; 600
What do we learn from the shape of the Cobb-Douglas production function?
A) its slope remains constant as labor input increases B) the marginal product of labor declines as the labor input falls C) there are diminishing returns to labor D) all of the above E) none of the above
Loan guarantees provided by the government for specific private-sector investments tend to:
A. Generate high positive returns for the government B. Increase the financial risk faced by the private investors C. Attract private investors into the specific project D. Eliminate the moral hazard problem among investors
A firm is currently hiring capital and labor so that MPL/PL > MPK/PK. If the firm wishes to maximize profits it should hire
A. more capital and more labor. B. more labor and less capital. C. less labor and more capital. D. less labor and less capital.