For the production function Q = 5.2K + 3.8L, if K = 16 and L = 12, we know that MPK is:
A. 16.
B. 3.8.
C. 12.
D. 5.2.
Answer: D
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A decrease in individual income taxes ________ disposable income, which ________ consumption spending
A) decreases; increases B) increases; increases C) increases; decreases D) decreases; decreases
Holding all other factors constant, which of the following would shift the demand curve for air travel to the left?
(a) An increase in fuel costs. (b) Increased wages for airline staff. (c) Decreased price of ferry tickets. (d) Both (b) and (c).
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d. The average cost of a good is equal to the first derivative of the marginal cost of the good.
The interest-rate effect
a. depends on the idea that increases in interest rates decrease the quantity of goods and services demanded. b. depends on the idea that increases in interest rates decrease the quantity of goods and services supplied. c. is responsible for the downward slope of the money-demand curve. d. is the least important reason, in the case of the United States, for the downward slope of the aggregate-demand curve.