Suppose the production function is given by Q = 2K + 5L. What is the marginal product of labor when 15 units of capital and 10 units of labor are employed?
A. 2
B. 50
C. 5
D. 25
Answer: C
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What establishes the value of fiat money?
a. Our collective trust and confidence that the central government, which decrees that money cannot be refused as payment for debt. b. Gold and silver owned by the large commercial banks. c. The central government authority's promise to redeem fiat money for gold or silver upon demand. d. None of the above.
An increase in interest rates decreases the marginal revenue product of investment.
Answer the following statement true (T) or false (F)
Those that believe that the recent period of slow growth will pass and that higher levels of growth can be created
A. are all conservatives suggesting regulation and pro-business tax policies. B. are all liberals suggesting increased government spending and redistributive tax and entitlement policies. C. are a combination of those described above. D. are all techno-optimists.
The damage function method
a. is a behavioral linkage approach to measuring environmental benefits b. uses a technical relationship between an environmental resource and a user of that resource to estimate benefits c. uses the same technique as the contingent valuation approach d. is capable of measuring all aspects of incremental benefits simultaneously