AP (Advanced Placement) Macroeconomics: Questions 449 - 451 of 750

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Question 449

Appeared in Year: 2019 (NET)

Question

MCQ▾

Which of the following statements are true regarding Cobb-Douglas production function? (June)

1) It is long period production function

2) It is short period production function

3) It is based on increasing returns to scale

4) Output elasticities with respect to factors are constant

Select the correct option:

Choices

Choice (5)Response

a.

(1) & (4)

b.

(3) & (4)

c.

(2) & (3)

d.

(1) & (3)

e.

All of the above

Question 450

Appeared in Year: 2019 (NET)

Question

MCQ▾

The firms are competitive and profit maximizing the demand curve for labour is determined by (June)

Choices

Choice (5)Response

a.

The value of marginal product of labour

b.

The value of marginal product of capital

c.

The opportunity cost of workers՚ time

d.

Offsetting income and substitution effect

e.

None of the above

Question 451

Appeared in Year: 2019 (NET)

Question

MCQ▾

An increase is fiscal spending leads to (June)

Choices

Choice (5)Response

a.

A shift of Phillips curve to the right

b.

A shift of Phillips curve to the left

c.

Movement along the Philips curve in such a way that shows the decline in unemployment rate with every increase in inflation rate

d.

Movement along the Phillips curve such that unemployment raises inflation also rises

e.

Question does not provide sufficient data or is vague

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