The returns to scale in the production function Y = K0.5L0.5 are: constant If a production function has two inputs and exhibits constant returns to scale, then doubling both inputs will cause the output to: double If the supplies of capital and labor are fixed and technology is unchanging, then real output is: fixed If a production function has the property of diminishing marginal product, then doubling: one of the inputs will reduce its marginal product.
Consider the following production table:

Assuming that the production function displays constant returns to scale, what is the marginal product of labor when labor and capital are both equal to 1,000?
5
Consider the following production table:

By how much does the marginal product of labor decrease as labor input increases from 1 to 2 and from 2 to 3?
1
Euler's theorem implies that if a production function exhibits constant returns to scale, then: economic profit is zero.
If a firm with a constant returns to scale production function pays all factors their marginal products, then: economic profit is zero and accounting profit is positive.
A competitive firm hires labor until the marginal product of labor equals the: real wage.
A competitive firm rents capital until the marginal product of capital equals the: real rental price of capital.
Suppose that a major natural disaster destroys a large part of a country's capital stock but miraculously does not cause anybody bodily harm. What will happen to the real wage rate?
It will fall.
Which of the following is NOT a characteristic of the Cobb–Douglas production function?
Capital and labor receive equal fractions of income.
In the Cobb–Douglas production function, Y = KL1 – , the fraction of income spent as payments to labor is:
1 –
In a closed economy, the supply of goods and services must be equal to: consumption + investment