What is the formula for the average product of labor?
A. ?q/?L
B. L/q
C. q/L
D. ?L/?q
Answer: C
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Changes in which of the following change the demand for capital and shifts the demand curve for capital?
A) current income B) expected future income C) the rental rate D) the marginal product of capital
Long-run average costs are the same as long-run total costs
a. True b. False
Countercyclical fiscal policy can
a. only be employed in reaction to an existing recession b. only be employed in reaction to an existing boom c. be employed to prevent a potential recession or boom or in reaction to an existing recession or boom d. only be employed to prevent a potential boom e. only be employed to prevent a potential recession
Suppose Frank likes to snack on sugary candy. Frank knows that it's bad for his teeth to eat sugary candy, but he doesn't care. Frank's snacking habits have no impact on anyone other than Frank. In this case, Frank's consumption of sugary candy generates:
A. a positive externality. B. a negative externality. C. neither a positive nor a negative externality. D. both a positive and a negative externality.