Which of the following would cause the production function to shift upward?
a. A decrease in the capital stock
b. A decrease in human capital
c. An increase in population
d. An increase in human capital
e. Diminishing returns to labor
D
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In a Bertrand model with identical products
A) price is the same as in a competitive market equilibrium. B) price and quantity are the same as in a monopoly. C) price and quantity are the same as in a duopoly. D) None of the above.
When the Fed sells government bonds to a bank, the initial effect on the bank is that its
a. assets increase b. assets remain the same c. liabilities decrease d. assets decrease e. liabilities increase
Income earned by entrepreneurs is described as
a. total revenue b. profit c. average revenue d. marginal revenue e. interest
In 2007 and 2008, the prices of both corn and soybeans increased sharply because
A. corn and soybeans are "alternative outputs." B. unprecedented expansion in all federal government price support programs. C. of an unseasonably warm spring in the "grain belt" states of Indiana, Illinois, and Iowa. D. all agricultural grain prices always rise and fall together.