In order to raise the rate of economic growth we would need to
A. increase the level of capital.
B. reduce the level of labor.
C. spend more on military goods.
D. spend more on consumer goods.
A. increase the level of capital.
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An exchange-rate system in which the nominal exchange rate is set by the government is known as
A) a flexible exchange-rate system. B) a floating exchange-rate system. C) a fixed exchange-rate system. D) an exchange-rate union.
Considering the future
A) is irrelevant to macroeconomics. B) is key to macroeconomic modelling. C) has a limited impact on macroeconomic analysis. D) matters only under special circumstances.
All of the following are methods of rationing goods EXCEPT
A) political power.
B) the profit motive.
C) first come, first served.
D) prices.
The downward sloping marginal revenue product of labor is
A. another term for the marginal revenue product of labor. B. the firm's short-run demand for labor. C. the firm's supply of labor. D. the firm's marginal cost of labor.