The firm will rent more and more land until the rent and the ____ of the last unit of land hired are equal.
A. marginal physical product
B. MRP
C. output
B. MRP
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According to the Application, economist John B. Taylor found that the temporary tax cuts which were a part of the 2009 stimulus package
A) were primarily used to pay off home mortgage balances. B) were split very evenly between consumption spending and household saving. C) were very successful in stimulating consumption spending. D) did very little to stimulate consumption spending.
The regulatory agency with oversight responsibility for the pharmaceutical industry is the
a. IRS. b. FDA. c. SEC. d. ITC. e. ATT.
Other things equal, extracting oil from shale becomes economically viable (as or less costly than using conventionally extracted oil) when oil prices reach _____ or more per barrel
A. $80 B. $60 C. $50 D. $40
A firm's production function is given by Q = 40KL, which combination of inputs does not lie on the isoquant Q = 40
A) L=1, K-2 B) L - 5.K - 1/5 C) L = 1, K = 1 D) L - 1/4, K= 4