The cost of a bachelor's degree in philosophy equals the tuition plus the cost of room and board
Indicate whether the statement is true or false
FALSE
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When the yuan per dollar real exchange rate appreciates:
A) the U.S. net exports to China increase while the Chinese net exports to U.S. decrease. B) both the U.S. net exports to China and the Chinese net exports to the U.S. decrease. C) the U.S. net exports to China decrease while the Chinese net exports to U.S. increase. D) both the U.S. net exports to China and the Chinese net exports to the U.S. increase.
A firm is using 500 units of labor and 100 units of capital to produce 100 units of output. Labor costs $5 per unit and capital $20 per unit. At these input levels, another unit of labor adds 5 units of output, while another unit of capital adds 40 units of output. If the firm uses 496 units of labor and 101 units of capital instead, what will happen?
A. Output will be unchanged, and cost will decrease by $40. B. Output will be unchanged, and cost will decrease by $20. C. Cost will be unchanged, and output will increase by 20 units. D. Cost will be unchanged, and output will increase by 35 units.
Suppose the production function is Q = min{3K, L}. How much output is produced when 6 units of labor and 3 units of capital are employed?
A. 9 B. 3 C. 6 D. None of the statements is correct.
The part of the federal budget that has increased at the fastest rate is
A. government salaries. B. entitlements. C. interest payments. D. national defense.