The slope of the production function while holding capital fixed is
A. the labor-capital ratio.
B. the average product of labor.
C. the marginal product of capital.
D. the capital-labor ratio.
E. the marginal product of labor.
Answer: E
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Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produce any more jets without giving up corn, we say that Popcorn has achieved
A) the highest marginal benefit. B) production efficiency. C) the lowest marginal cost. D) the highest opportunity cost.
If the rental rate increases, we know that output and labor input will fall in the long run.
Answer the following statement true (T) or false (F)
The time interval between observations can be all of the following with the exception of data collected
A) daily. B) by decade. C) bi-weekly. D) across firms.
Best National Bank is subject to a 10 percent required reserve ratio. If this bank received a new checkable deposit of $1,000 . it could make new loans of:
a. $100 b. $900. c. $1,000 d. $10,000.