The Cobb-Douglas production function is:
A. Q = aK + bL.
B. Q = min{bK, cL}.
C. Q = KaLb.
D. Q = max{bK, cL}.
Answer: C
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Explain how the wealth effect can affect aggregate demand
What will be an ideal response?
Refer to the scenario above. The market for Good A in Eduland is an example of a ________
A) monopoly B) duopoly C) monopolistic competition D) perfect competition
When the actions of a central bank induce actions from other banks in the country
A) the other banks are reacting to an announcement effect. B) the other banks are concerned about a penalty rate. C) the other banks are acting to prevent liquidity problems. D) the other banks are acting as fiscal agents.
At higher interest rates, banks will want to hold more reserves.
Answer the following statement true (T) or false (F)