A firm estimates its long-run production function to beQ = -0.0075K3L3 + 12K2L2Suppose the firm employs 12 units of capital. At ________ units of labor, average product of labor begins to diminish.
A. 32.21
B. 76.66
C. 82.27
D. 66.67
E. 44.44
Answer: D
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What would likely happen to the long-run aggregate supply curve if the U.S. federal government increases marginal tax rates on wages?
A) The LRAS curve would remain stable while the AD curve would shift leftward. B) The LRAS curve would remain stable while the AD curve would shift rightward. C) The LRAS curve would shift leftward. D) The LRAS curve would shift rightward.
If the money supply in an economy is increased, the interest rate will fall, and real GDP will decrease
a. True b. False Indicate whether the statement is true or false
Public schools, which educate most students through high school, are paid for primarily by
a. state governments. b. local governments. c. the federal government. d. taxpayers directly.
Movement along the aggregate expenditure line is caused by a change in the level of income.
a. true b. false