Given the production function Q = min{4K, 3L}, what is the average product of capital when 8 units of capital and 16 units of labor are used?
A. 32
B. 2
C. 4
D. 16
Answer: C
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In July 2011, $1 was worth 45 Indian rupees and in July 2012, $1 was worth 55 Indian rupees. We can therefore conclude that
A) the Indian rupee depreciated. B) the Indian rupee appreciated. C) the U.S. dollar has depreciated. D) the value of the U.S. dollar has fluctuated.
According to classical economists,
A. prices are rigid. B. both V and Q are variable for an economy in short-run equilibrium. C. changes in M cause changes in V. D. the velocity of money is constant.
The legislation which outlawed price discrimination for the purpose of reducing competition was the:
A. Sherman Act. B. Clayton Act. C. Robinson-Patman Act. D. Celler-Kefauver Act.