A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At 60 units of labor, what is average product?
A. 3.7
B. 9.4
C. 6.4
D. 2.4
E. 8.6
Answer: D
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Becky holds $30,000 as money. After a year during which inflation was 5 percent a year, the inflation tax over that year was
A) $1,000. B) $1,500. C) $500. D) $5. E) $3,000.
English mercantilism recognized the law of comparative advantage, thus permitting individuals to specialize in producing those goods and services which they could produce at relatively low opportunity costs and trading those items for those which
they could not. Indicate whether the statement is true or false
If nominal GDP rises from one year to the next, then
a. the economy must be producing a larger output of goods and services. b. prices at which goods and services are sold must be higher. c. either output, or the general level of prices, or both must be rising. d. employment and productivity must be rising.
How people respond to fiscal policy:
A. is fairly mechanical and appears to conform closely to the predictions of macroeconomic models. B. depends on whether the fiscal policy is financed from borrowing or from budget surpluses. C. depends on their evaluation of the state of the economy and their expectations about the future. D. generally reveals consistent irrationality and poorly-formed expectations about the future.