When a dinner in Bulgaria costs 150 Bulgarian levas, it will cost a U.S. resident ________ dollars, if the exchange rate is 1.5 Bulgarian levas to the dollar
A) $10
B) $100
C) $120
D) $150
Answer: B
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With a linear production function in labor only, which of the following must be true?
A) The representative household works as much as possible. B) The representative firm makes large profits. C) The real wage equals total factor productivity. D) The marginal product of labor exceeds the real wage.
Which one of the following individuals is NOT counted as unemployed?
A) a recent college graduate currently without any employment and looking for her first full-time job B) a 35-year-old woman fired from her prior work because of poor performance and looking for another job C) a 50-year-old woman laid off from her former job because of a downturn in the company's sales and looking for another job D) a 22-year-old aspiring actress currently without any show business employment, but working temporarily as a waitress while she auditions for acting jobs
When government spending is added to consumption and planned investment, the slope of the aggregate expenditure function increases
a. True b. False Indicate whether the statement is true or false
The per capita real GDP in Sri Lanka is likely to be lower than the United States because Sri Lanka's economy is characterized by:
a. a more equitable income distribution system. b. a high population growth. c. a low regard for political freedom. d. a higher level of consumption spending. e. a high budget deficit.