A firm estimates its long-run production function to beQ = -0.0075K3L3 + 12K2L2Suppose the firm employs 12 units of capital. Average product when 10 units of labor are employed is
A. 12,248
B. 15,984
C. 30,672
D. 14,287
E. 13,142
Answer: B
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Answer the next question on the basis of the following information for a bond having no expiration date: bond price = $1,000; bond fixed annual interest payment = $100; bond annual interest rate = 10%. If the price of this bond falls by $200, the interest rate will
A. fall by 2.5 percentage points. B. fall by 5 percentage points. C. rise by 5 percentage points. D. rise by 2.5 percentage points.
The principle of comparative advantage
A. applies only when the gold standard is in effect. B. is the basic reason that the United States has been running trade deficits. C. states that it is advantageous to export more than you import. D. states that total output is greatest when each product is made by the country that has the lowest opportunity cost.
With high inflation ________
A) stock market investors are always worse off than consumers and households B) producers are always worse off than consumers C) creditors are always worse off than debtors D) all of the above E) none of the above
The human mind's abilities to reason and imagine are facilitated by the information it can collect from trustworthy sources, rather than by facts and experiences it can recall from memory
Indicate whether the statement is true or false