Suppose that a firm uses both labor (L) and capital (K) as inputs. The firm's long-run production function is Q = F(L,K) = 8?L?K. The firm has _____ units of capital. If the firm uses an efficient production method and hires _____ workers, it can produce _____ units of output.
A. 100; 100; 1,200
B. 100; 225; 800
C. 225; 100; 1,200
D. 225; 225; 1,000
C. 225; 100; 1,200
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The time constraint for the consumer is
A) the amount of time for decision making. B) expressed as leisure time - time spent working = total time available. C) expressed as leisure time - sleep time = time spent working. D) expressed as leisure time + time spent working = total time available.
Consider someone who borrows $10,000 to buy a car at a fixed interest rate of 9%. If inflation is 3% at the time the loan is made, what is the real interest rate at which the loan must be repaid, and to what level would the interest rate have to rise for the real interest rate on the loan to be zero?
a. 4.5%; 7.5% b. 6; 9% c. 8%; 10% d. 6; 12%
When the Fed raises the legal reserve requirement, it
a. lowers the cost of borrowing from the Fed, allowing banks to make more loans b. raises the cost of borrowing from the Fed, disallowing banks from making the same quantity of loans c. increases the amount of excess reserves that banks hold, allowing them to make more loans d. increases the amount of excess reserves that banks hold, disallowing them from making the same quantity of loans e. decreases the amount of excess reserves that banks hold, disallowing them from making the same quantity of loans
There is 5 percent average tax on imported goods in the United States. This tax is known as a(n) ________.
A. tariff B. quota C. income tax D. sales tax