Given the production function q = 4L + K, what is the marginal product of labor when capital is fixed at 50?
A) 54
B) 4
C) 50
D) 250
B
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Which of the following increases the demand for a good or service?
A) a fall in the price of the good or service B) a smaller number of consumers wanting to buy the good or service C) a rise in the price of the good or service D) a rise in the price of a substitute good or service E) a rise in the price of a complement
If all resources were perfectly adaptable for alternative uses, the production possibilities curve would
A) be bowed out. B) be bowed in. C) be a straight line. D) not exist.
Medicaid is an example of a cash assistance poverty program
a. True b. False Indicate whether the statement is true or false
A product in the first stage of production is defined as a(n):
a. basic need. b. investment. c. environmental product. d. primary product. e. transitory product.