According to data on Pennsylvania agriculture in the 18th century, the average size of a farm _________, while the output per farm ______________

The table above has information about an economy. Using this information, GDP equals

A) $6,500 billion. B) $7,800 billion. C) $7,000 billion. D) $8,500 billion. E) some amount that cannot be calculated without information on the amount of government expenditures.

Suppose the production of mp3 players can be represented by the following production function: q = L0.4K0.4. Which of the following statements is (are) TRUE?

A) The production function has decreasing returns to scale. B) The marginal productivity of labor falls as labor increases in the short run. C) Capital and labor can be substituted for one another. D) All of the above.