Question 1

When the rental price of capital is above the equilibrium price ________.

Accepted Answer

A) we have an excess supply of capital and the rental price should fall 
B) we have an excess demand of capital and the rental price should fall 
C) we have an excess supply of capital and the rental price should increase 
D) we have an excess demand of capital and the rental price should increase 
E) none of the above 
A) we have an excess supply of capital and the rental price should fall 
B) we have an excess demand of capital and the rental price should fall 
C) we have an excess supply of capital and the rental price should increase 
D) we have an excess demand of capital and the rental price should increase 
E) none of the above

Question 2

The marginal product of labor indicates ________.Therefore the MPL curve is also ________.

Accepted Answer

A) the quantity of labor supplied for a given wage;the equilibrium price of labor 
B) the quantity of labor demanded for a given wage;the equilibrium price of labor 
C) the quantity of labor demanded for a given wage;the demand curve of labor 
D) the quantity of labor supplied for a given wage;the supply curve of labor 
E) none of the above 
A) the quantity of labor supplied for a given wage;the equilibrium price of labor 
B) the quantity of labor demanded for a given wage;the equilibrium price of labor 
C) the quantity of labor demanded for a given wage;the demand curve of labor 
D) the quantity of labor supplied for a given wage;the supply curve of labor 
E) none of the above

Question 3

A technology shock could have a different impact than a natural catastrophe because ________.

Accepted Answer

A) the former would likely lower TFP and the latter raise labor productivity 
B) the former would likely lower output and the latter raise production 
C) the former would likely raise output and the latter would raise TFP 
D) the former would likely lower labor productivity and the latter would lower TFP 
E) the former would likely raise TFP and the latter would curtail production 
A) the former would likely lower TFP and the latter raise labor productivity 
B) the former would likely lower output and the latter raise production 
C) the former would likely raise output and the latter would raise TFP 
D) the former would likely lower labor productivity and the latter would lower TFP 
E) the former would likely raise TFP and the latter would curtail production

Question 4

Which of the following constitutes an input to the Cobb-Douglas production function?

Accepted Answer

A) capital 
B) labor 
C) total factor productivity 
D) all of the above 
E) none of the above 
A) capital 
B) labor 
C) total factor productivity 
D) all of the above 
E) none of the above

Question 5

Which of the following is true about labor productivity?

Accepted Answer

A) it is the amount of output produced per unit of labor 
B) it is easier to measure than total factor productivity (TFP) 
C) it is more commonly mentioned in the media than total factor productivity (TFP) 
D) all of the above 
E) none of the above 
A) it is the amount of output produced per unit of labor 
B) it is easier to measure than total factor productivity (TFP) 
C) it is more commonly mentioned in the media than total factor productivity (TFP) 
D) all of the above 
E) none of the above

When the rental price of capital is above the equilibrium price ________.

The marginal product of labor indicates .Therefore the MPL curve is also .

A technology shock could have a different impact than a natural catastrophe because ________.

Which of the following constitutes an input to the Cobb-Douglas production function?

Which of the following is true about labor productivity?

The Policy and Practice of Macroeconomics

Measuring Macroeconomic Data

Saving and Investment in Closed and Open Economies

Money and Inflation

The Sources of Growth and the Solow Model

Drivers of Growth: Technology, policy, and Institutions

Business Cycles: an Introduction

The Is Curve

Monetary Policy and Aggregate Demand

Aggregate Supply and the Phillips Curve

The Aggregate Demand and Supply Model

Macroeconomic Policy and Aggregate Demand and Supply Analysis

The Financial System and Economic Growth

Financial Crises and the Economy

Fiscal Policy and the Government Budget

Exchange Rates and International Economic Policy

Consumption and Saving

Investment

The Labor Market, employment, and Unemployment

The Role of Expectations in Macroeconomic Policy

Modern Business Cycle Theory

Filters

Exam 3: Aggregate Production and Productivity

When the rental price of capital is above the equilibrium price ________.

The marginal product of labor indicates ________.Therefore the MPL curve is also ________.

A technology shock could have a different impact than a natural catastrophe because ________.

Which of the following constitutes an input to the Cobb-Douglas production function?

Which of the following is true about labor productivity?

The Policy and Practice of Macroeconomics

Measuring Macroeconomic Data

Saving and Investment in Closed and Open Economies

Money and Inflation

The Sources of Growth and the Solow Model

Drivers of Growth: Technology, policy, and Institutions

Business Cycles: an Introduction

The Is Curve

Monetary Policy and Aggregate Demand

Aggregate Supply and the Phillips Curve

The Aggregate Demand and Supply Model

Macroeconomic Policy and Aggregate Demand and Supply Analysis

The Financial System and Economic Growth

Financial Crises and the Economy

Fiscal Policy and the Government Budget

Exchange Rates and International Economic Policy

Consumption and Saving

Investment

The Labor Market, employment, and Unemployment

The Role of Expectations in Macroeconomic Policy

Modern Business Cycle Theory

Filters

The marginal product of labor indicates .Therefore the MPL curve is also .