Homer's Donut Shoppe has the production function q = 10L +20L2 - 5L3. The average product of labor is
A) AP = 10 + 20L - 5L2
B) AP = 10 + 40L - 15L2
C) AP = 10L
D) AP = 10 + 20L
A
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A payoff matrix summarizes all of the following except
A) who the players are. B) the reason each player is playing the game. C) the actions available to each player. D) the payoffs available to each player.
Which of the following observations would be valid if the Gini coefficient is equal to zero?
a. Perfect income inequality b. Greater degree of income inequality c. Lorenz curve overlaps the line of perfect income equality d. Unequal distribution of income
If there is a positive demand shock, which of the following would represent the most likely short and long-run outcomes? (Assume the economy was initially at full employment)
a. In the short run, real GDP and the price level would increase; in the long run, real GDP would return to its original level while the price level would rise even further. b. In the short run, real GDP and the price level would increase; in the long run, real GDP and the price level would return to their original level. c. In the short run, real GDP would increase and the price level would decrease; in the long run, real GDP would return to its original level while the price level would rise even further. d. In the short run, real GDP and the price level would decrease; in the long run, real GDP would return to its original level while the price level would rise even further. e. In the short run, real GDP and the price level would increase; in the long run, real GDP would increase while the price level would return to its original level.
John M. Keynes is best known for advocating:
(a) A policy of annually balancing the budget. (b) Deficit spending during some recessions. (c) Contractionary fiscal policy during a recession. (d) Expansionary fiscal policy during a boom.