(Appendix) In the production function Q = 10L1/2K1/2 calculate the marginal product equations of both inputs.
What will be an ideal response?
MPL = 5L-1/2K1/2
MPK = 5L1/2K-1/2
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If the United States lifts the embargo on Cuban products, what will happen in the U.S. market for Cuban cigars?
A) The supply curve will shift to the right. B) The supply curve will shift to the left. C) The demand curve will shift to the left. D) The demand curve will shift to the right.
The difference between a bank's assets that will be re-priced in less than one year and the bank's liabilities that will be re-priced in less than one year expressed as a percent of total assets is
A) a measure of liquidity risk. B) called the GAP ratio. C) earnings at risk ratio. D) a measure of credit risk.
On the modern Phillips curve, the initial impact of an increase in the world price of steel is shown by ________
A) an upward movement along the Phillips curve to a higher inflation rate B) an upward shift of the Phillips curve leading to higher inflation rates for any unemployment rate C) a downward shift of the Phillips curve leading to lower inflation rates for any unemployment rate D) a downward movement along the Phillips curve to higher unemployment rates E) none of the above
The value of both exports and imports are added to the value of national product
a. True b. False Indicate whether the statement is true or false