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What is the law of variable proportions?

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Important Questions on Money and Banking

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Other Subjects>Economics>Money and Banking>Functions of Money
How would you find the maximum output for a firm using a production function \(Q = 5L + 2K\) if one input is zero and the other is non-zero?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is a 'repo rate'?
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Other Subjects>Economics>Money and Banking>Functions of Money
Explain the concepts of the short run and the long run.
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Other Subjects>Economics>Money and Banking>Functions of Money
For the production function \(Q = 2L^2K^2\), how would you determine the maximum possible output with given units of labour and capital? What happens if one input is zero?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is meant by 'high-powered money'?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is a major drawback of the barter system?
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Other Subjects>Economics>Money and Banking>Functions of Money
How can you calculate the total and average product schedules of labour from the marginal product schedule, given that the total product is zero at zero level of employment?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the law of diminishing marginal product?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the role of the central bank in money supply?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the marginal product of an input?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the primary function of money?
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Other Subjects>Economics>Money and Banking>Functions of Money
How do commercial banks create money?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the 'cash reserve ratio' (CRR)?
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Other Subjects>Economics>Money and Banking>Functions of Money
How can you derive the total product and marginal product schedules from the average product schedule of labour, assuming the total product is zero at zero labour employment?
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the total product of an input?
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Other Subjects>Economics>Money and Banking>Functions of Money
What does 'fiat money' refer to?
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Other Subjects>Economics>Money and Banking>Functions of Money
Explain the concept of a production function.
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Other Subjects>Economics>Money and Banking>Functions of Money
Explain the relationship between the marginal products and the total product of an input.
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Other Subjects>Economics>Money and Banking>Functions of Money
What is the average product of an input?
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Other Subjects>Economics>Money and Banking>Functions of Money
Given the production function \(Q = 5L^{ rac{1}{2}}K^{ rac{1}{2}}\), how would you calculate the maximum possible output with specific units of labour and capital?