Government controls over industry
(a) limit overall net industrial growth.
(b) help all industries.
(c) lower consumer costs in the industries assisted by government.
(d) encourage the destruction of inefficient and lagging industries.
(a)
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Capital is a flow of resources into the production of investment goods.
Answer the following statement true (T) or false (F)
The Cobb-Douglas production function is: Q = 1.4*L0.6*K0.5 . What would be the percentage change in output (%?Q) if labor grows by 3.0% and capital is cut by 5.0%? [HINT: %?Q = (EL * %?L) + (EK * %?K)]
a. %?Q = + 3.0% b. %?Q = + 5.0% c. %?Q = - 0.70% d. %?Q = - 2.50% e. %?Q = - 5.0%
Assume that you know the following cost information about Fred's widget company: Its fixed cost is $9, and its total variable cost is $6 for 1 unit; $11 for 2; $ 15 for 3; 20 for 4; and 26 for 5 . Given the above information, a. the marginal cost of the third unit is greater than the marginal cost of the first unit. b. the marginal cost of the fourth unit is the same as the marginal cost of the
second unit. c. the average variable cost of four units is the same as for three units. d. both (b) and (c) are correct.
Which of the following is a statement of positive economics?
a. The income tax reduces after-tax incomes of the rich b. A reduction in tax rates makes the after-tax distribution of income fairer. c. Tax rates ought to be reduced so that people will work more. d. All of the above are statements of positive economics.