Suppose the economy's production function is Y = AK0.3N0.7. When K = 1000, N = 50, and A = 15, what is Y?
A) 1842
B) 6106
C) 750,000
D) 123
A
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Refer to Scenario 8.2. The result of the tax in the long run will be that
A) Q falls from 30,000; P rises by less than $20,000. B) Q falls from 30,000; P rises by $20,000. C) Q falls from 30,000; P does not change. D) Q stays at 30,000; P rises by $20,000. E) Q stays at 30,000; P rises by less than $20,000.
Average cost regulation of a natural monopoly does not involve: a. production at a socially inefficient level of output
b. a tendency for average total cost curves to shift upward over time. c. a subsidy. d. production at the output level at which demand intersects the average total cost curve.
The WTO and GATT promote trade by:
A. reducing tariffs. B. eliminating quotas. C. reducing agricultural subsidies. D. All of these.
The relationship between the producer price index (PPI) and the consumer price index (CPI) is such that, in the short run
A. the PPI usually increases before the CPI. B. the CPI and the PPI usually move in opposite directions. C. the CPI usually increases before the PPI. D. the CPI and the PPI usually move simultaneously.