Given the production function q = 4LK, what is the marginal product of labor when capital is fixed at 25?
A) 4K
B) 100
C) 100K
D) 100L
B
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A student athlete is deciding whether to work out for an extra hour. Her marginal benefit from another hour of exercise
A) is the benefit she gets from all the hours she's worked out all week. B) is the benefit she receives from exercising the additional hour. C) is less than the marginal cost of the additional hour. D) depends on the cost of the workout.
Suppose some firms in a perfectly competitive market are incurring an economic loss. As a result,
A) all the firms will eventually incur an economic loss. B) some firms will leave the market and the price of the good will rise. C) some firms will leave the market and the remaining firms' quantity will decrease. D) the total market economic profit must equal $0.
The monetary policy strategy that relies on a stable money-income relationship is
A) exchange-rate targeting. B) monetary targeting. C) inflation targeting. D) the implicit nominal anchor.
The main rationale for government regulatory functions is
A) to regulate for-profit institutions. B) to make sure that firms are maximizing profits. C) to expand the scope of the government. D) to protect consumer interests.