Which of the following formulas represents the marginal rate of technical substitution of labor for capital?
A. MPK/MPL
B. -?L/?K
C. ?K/?L
D. MPL/MPK
D. MPL/MPK
You might also like to view...
With a rise in the stock market, the simple LCH model with no bequests predicts ________ in current consumption. Then when adding to the model bequests due to catastrophic illnesses and expenses that fail to occur, current consumption is ________
A) a fall, still predicted to fall B) a fall, predicted to rise C) no change, predicted to rise D) a rise, still predicted to rise E) a rise, predicted to remain unchanged
If the Westminster National Bank has total deposits of $200 billion, has $50 billion in reserves with the Federal Reserve System, and at the same time is required to allocate 20% of its total deposits as required reserves, what are its excess reserves?
A. $50 billion B. $150 billion C. $10 billion D. $90 billion
Unemployment that results from an economy-wide downturn is called: a. frictional unemployment. b. cyclical unemployment
c. structural unemployment. d. seasonal unemployment.
Generally, the demand for energy in the long run will be
a. approximately equal in elasticity to the demand for energy in the short run. b. considerably less elastic than in the short run. c. considerably more elastic than in the short run. d. perfectly inelastic because we must have energy to survive.