We manufacturer automobiles given the production function q = 5KL where q is the number of autos assembled per eight-hour shift, K is the number of robots used on the assembly line (capital) and L is the number of workers hired per hour (labor)
If we use K=10 robots and L=10 workers in order to produce q = 450 autos per shift, then we know that production is: A) technologically efficient.
B) technologically inefficient.
C) maximized.
D) optimal.
B
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The marginal propensity to consume (MPC) can best be defined as that fraction of
A) real disposable income that is not consumed. B) a change in real disposable income that is spent. C) a change in real disposable income that is saved. D) real disposable income that is consumed.
The Commons Problem could be addressed by
A) charging a fee proportional to the use of the common property. B) charging a fee unrelated to the use of the common property. C) charging no fee. D) prohibiting the use of the common property.
Which of the following is not counted as income when the official poverty rate is calculated?
a. Medicaid benefits. b. dividends derived from the ownership of stock. c. earnings derived from a part-time job. d. money income derived from transfer payments.
Sellers in a geographically centralized market have higher transaction costs compared to those in a decentralized market
Indicate whether the statement is true or false