What do we learn from the shape of the Cobb-Douglas production function?
A) its slope remains constant as labor input increases
B) the marginal product of labor declines as the labor input falls
C) there are diminishing returns to labor
D) all of the above
E) none of the above
C
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In comparison to an economy with extractive institutions, an economy with inclusive institutions will be characterized by:
A) higher output and larger number of entrepreneurs. B) lower output and a higher number of entrepreneurs. C) higher output and smaller number of entrepreneurs. D) lower output and smaller number of entrepreneurs.
If unemployment rate among workers with no high school diploma is represented by NS, unemployment rate among workers with an high school diploma is represented by HS, and unemployment rate among workers with a bachelor's degree is represented by BS,
then which of the following statements is true? A) HS > NS > BS B) NS > HS > BS C) BS > HS > NS D) NS > BS > HS
If there is an adverse supply shock and the Federal Reserve responds by increasing the growth rate of the money supply, then in the short run the Federal Reserve's action
a. lowers both inflation and unemployment. b. lowers inflation but raises unemployment. c. raises inflation but lowers unemployment. d. raises both inflation and unemployment.
Which of the following 95% confidence intervals for the estimate of the population treatment effect is the most convincing evidence that a policy intervention was indeed effective?
A. (-0.5, 0.9). B. (-0.1, 0.5). C. (0.5, 0.75).? D. (-0.2, 0.3).