Quiz3 chpt3

Macroeconomics plus MyEconLab plus eBook 1-semester Student Access Kit (6th Edition)

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Unformatted text preview: Quiz This activity contains 15 questions. Which market determines the real wage and employment? the goods market the labor market the capital market the money market In the equation that describes the production function, an increase in total factor productivity is represented by an increase in K. a decrease in F. an increase in N. an increase in A. Suppose the economy's production function is: Y = A K 0.3 N 0.7 . If K = 1000 and N = 50, then Y = 2000. What is Y if K = 2000 and N = 100? 3500 3400 4000 3000 The marginal product of capital is larger when the capital stock is relatively larger. displays diminishing marginal productivity only when the capital stock is small. is smaller when the capital stock is relatively smaller. is measured by the slope of the line tangent to the production function relating output and capital. The Grungo Company has the following production function: Number of Workers Number of Grungos Produced 1 10...
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Quiz3 chpt3 - Quiz This activity contains 15 questions...

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