A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At 20 units of labor, what is average product?
A. 6.0
B. 1.9
C. 2.4
D. 4.0
E. 6.3
Answer: C
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Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Which country faces the lowest opportunity cost of producing beef?
A) The U.S. B) Canada C) Both countries D) Neither country
A(n) _____ or a spending plan or guide can be helpful by providing a visible means of controlling money
a. Annuity b. Budget c. Net worth statement d. Money calendar
A concentration ratio provides a better assessment of market power than the Herfindahl-Hirschman index does
a. True b. False Indicate whether the statement is true or false
The numerical value of the multiplier will be smaller the:
A. larger the average propensity to consume. B. larger the slope of the saving schedule. C. larger the slope of the consumption schedule. D. smaller the slope of the saving schedule.