Quiz3 chpt3

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

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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.

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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 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?

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