Prescott's calibrated RBC model showed that the actual and simulated ________ of five key macroeconomic variables were very close
A) magnitudes
B) slopes
C) volatilities
D) betas
C
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Vertical equity refers to the notion that equally situated individuals should be taxed equally.
Answer the following statement true (T) or false (F)
Refer to Figure 5-1. Marginal social benefit is represented by which curve?
A) Supply B) D1 C) D2 D) All of the above represent marginal social benefit.
Total revenue is:
A. cost multiplied by quantity of each item produced. B. price multiplied by quantity subtracted from total cost. C. price multiplied by quantity of each item sold. D. None of these is true.
The labor supply curve reflects how
a. workers' decisions about the labor-leisure tradeoff respond to a change in the wage. b. workers' decisions about the opportunity cost of labor respond to a change in the quantity of labor supplied. c. firms' decisions about the labor-leisure tradeoff respond to the quantity of labor demanded. d. firms' decisions about how the quantity of labor they hire respond to changes in their opportunities to earn profits.