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Author Question: Suppose we have the following information about a car manufacturer: car sales 1000M, steal purchases ... (Read 64 times)

savannahhooper

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on: Jun 30, 2018
Suppose we have the following information about a car manufacturer: car sales 1000M, steal purchases 600M, wages 300M, interest on business loans 50M, and profits 50M. What is its contribution to GDP using the product approach?
 
  A) 1000M
  B) 600M
  C) 400M
  D) 350M

Question 2

What do we learn from the shape of the Cobb-Douglas production function?
 
  A) its slope remains constant as labor input increases
  B) the marginal product of labor declines as the labor input falls
  C) there are diminishing returns to labor
  D) all of the above
  E) none of the above


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Meganchabluk

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

C


savannahhooper

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Reply #2 on: Jun 30, 2018
Thank you :)


Meganchabluk

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Reply #3 on: Jun 30, 2018
Happy to help you


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