Suppose the production function is given by Q = 3K + 4L. What is the average product of capital when 5 units of capital and 10 units of labor are employed?
A. 11
B. 3
C. 4
D. 45
Answer: A
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Purchasing power parity is the theory that, in the long run, exchange rates move to equalize
A) the relative purchasing power of currencies across countries. B) nominal interest rates across countries. C) real GDP across countries. D) corporate profits across countries.
An increase in the expected price level
A) shifts the short-run aggregate supply curve up and to the left. B) shifts the short-run aggregate supply curve down and to the right. C) has no effect on the short-run aggregate supply curve. D) results in a movement along the short-run aggregate supply curve, rather than a shift in the short-run aggregate supply curve.
Stephanie has just placed an order for the latest video after she received a personalized e-mail. The e-mail is an example of
A) mass marketing. B) direct marketing. C) indirect marketing. D) interactive marketing.
GDP per capita is:
A. negatively correlated with quality of life. B. highly correlated with quality of life. C. loosely correlated with quality of life. D. perfectly correlated with quality of life.