If Q is total real output, K is capital in use, and L is labor employed, then _____ is the formula to calculate the productivity of labor
a. K/L
b. L/K
c. Q/L
d. Q/K
e. (Q + K)/L
c
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When _____ are ______, it will be difficult to reach a private solution
a. transactions costs; high b. transactions costs; low c. externalities; visible d. externalities, invisible
The F-test is used to determine if
A) a regression coefficient is significant. B) multicollinearity exists. C) a regression equation significantly accounts for the variation in the value of a dependent variable. D) an identification problem is present.
Faster economic growth in the United States may lead to the serious macroeconomic problem of higher
a. levels of unemployment. b. federal budget deficits. c. levels of inflation. d. levels of poverty.
Economic profits are calculated as:
A. total revenue minus implicit costs. B. total revenue minus all opportunity costs, explicit and implicit. C. total revenue minus explicit costs. D. None of these is true.