Given the production function q = 4L + K, what is formula for the marginal product of labor?
A) 4
B) 4 + K
C) 4K
D) Cannot be determined with the information given.
A
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Classical economists think that the government ________ use fiscal policy to dampen the business cycle because prices and wages adjust ________
A) should not; rapidly B) should not; slowly C) should; slowly D) should; rapidly
The labor supply curve faced by an individual firm in a perfectly competitive market is
A) upward sloping. B) horizontal. C) vertical. D) downward sloping.
If a country experiences a high rate of inflation, then the demand for that country's currency will increase
a. True b. False Indicate whether the statement is true or false
The scientific method is more difficult for economists than, say, chemists, because:
A) controlled laboratory conditions are more problematic in economics. B) it is difficult to hold other factors that may affect the variables being studied constant in economics. C) economic conditions may change quickly and unexpectedly. D) all of the above.