
2. MACRO-CH3-FILL-IN
Other
KG
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21 questions
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1.
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2 mins • 1 pt
__________ are the inputs used to produce goods and services.
2.
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2 mins • 1 pt
If a firm hires an additional unit of labor while keeping other inputs constant, its production increases by the ______________
3.
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2 mins • 1 pt
If a firm hires an additional unit of capital while keeping other inputs constant, its production increases by the ________________
4.
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2 mins • 1 pt
The ______________ expresses mathematically how the factors of production determine the amount of output produced.
5.
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2 mins • 1 pt
If we double the amounts of labor and capital and output also doubles, the production function is said to have ______________
6.
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2 mins • 1 pt
Under perfect competition, profit-maximizing firms hire labor until the _____________ equals the real wage.
7.
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2 mins • 1 pt
Under perfect competition, profit-maximizing firms hire capital until the marginal product of capital equals the __________
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