The marginal product of labor is calculated using the formula
A) ?Q/?L. B) Q/L. C) L/Q. D) ?L/?Q.
A
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A cancer patient is told he needs chemotherapy in order to live three more years at best, but the patient's final three years will be filled with all the terrible side-effects of the treatment
Without it, he will surely die within a year, but his quality of life would be a better. Suppose he chooses to quit chemotherapy and instead he spends his time learning to play the cello, something he always wanted to learn. The economic way of thinking suggests A) others should consider playing the cello while they are still young and healthy. B) the doctors were absolutely right—the patient needs chemotherapy. C) the patient considers playing the cello a substitute for chemotherapy. D) the patient has clearly given up his will to live.
The Condorcet voting paradox shows that outcomes based on dictatorial preferences do not always obey the property of transitivity
a. True b. False Indicate whether the statement is true or false
Suppose that production for good X is characterized by the following production function, Q = K0.5L0.5, where K is the fixed input in the short run. If the per-unit rental rate of capital, r, is $25 and the per-unit wage, w, is $15, then the variable cost of using 81 units of capital and 9 units of labor is:
A. $135. B. $2,160. C. $2,025. D. There is insufficient information to determine the variable costs.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.