A firm estimates its long-run production function to beQ = -0.0075K3L3 + 12K2L2Suppose the firm employs 12 units of capital. Marginal product when 10 units of labor are employed is
A. 14,287
B. 12,248
C. 13,142
D. 15,984
E. 30,672
Answer: E
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When comparing a permit trading system to the use of a pollution charge
a. a permit trading system requires more government intervention because the government must determine the permit price b. a permit trading system is inflexible because the number of permits cannot be adjusted c. a pollution charge generates revenue for the government on all units of pollution not abated d. pollution charges might create pollution hot spots
Suppose Campus Books, a profit-maximizing firm, is the only supplier of the textbook for a given class. The marginal cost of supplying each book is constant and equal to $10, and Campus Books has no fixed costs. The table shows the reservation prices of the eight students enrolled in the class. CustomerReservation Price($/Book)Q60R54S48T42U36V30W24X18If Campus Books is permitted to charge 2 prices, and the bookstore knows customers with a reservation price above $30 never bother with coupons, whereas those with a reservation price of $30 or less always use them, then how many in total books will the bookstore sell?
A. 7 B. 6 C. 5 D. 8
Which of the following regarding internal migration in the United States is not true?
A. Repeat and return migration are rational decisions and routinely occur. B. Migration is more common among educated workers compared to uneducated workers. C. Migration is more common among younger workers compared to older workers. D. Empirically the mystery is why there is not more internal migration, not why there is not less. E. Migration equalizes wages across regions.
Which of the following might be considered an automatic fiscal stabilizer?
A) government spending for the war effort B) 401(k) retirement program C) government budgeting for education D) unemployment compensation