{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Quiz3 chpt3

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

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
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.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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
Image of page 2
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 0 0 1 10 2 19 3 26 4 31 5 34 If the real wage rate is 6, how many workers will the company hire?
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern