Question 1 A colony of bacteria grows at 10% per day

Question 1

A colony of bacteria grows at 10% per day.  How many days (approximately) does it take to double in size? (No units.  Use the method in the book/videos.)

Correct!

Correct Answers

7 (with margin: 0)

Question 2

3 / 3 pts

The division of labour is limited by the extent of the [blank].

Correct!

Correct Answers

market

Question 3

7 / 7 pts

Select all of the following that are institutions.

Correct!  

political stability

natural resources

 Correct!  

property rights

technology

physical capital

 Correct!  

competitive and open markets

human capital

Question 4

8 / 8 pts

Let an economy be represented by the production function Y=AK^1/2L^1/2 where Y is output, K is physical capital and L is labor. 

a. As capital increases, the marginal product of capital  . (Say "increases", "decreases," or "is constant.")

b. If A=4, K=100 and L=25 then Y= 

c. Let's say part b is period 1.  Also, let the savings rate be 1/2 and the depreciation rate be 1/4.  In period 2, capital will be  and output will be  . (Capital is an integer.  Round output to one decimal place. You will probably need a calculator......)

Answer 1:

Correct!decreases

Answer 2:

Correct!200

Answer 3:

Correct!175

Answer 4:

Correct!264.6

Quiz Score: 20 out of 20