Which of the following was NOT one of the causes of the Asian financial crises of 1997 and 1998?
A) A current account deficit and financial account surpluses
B) The use of exports as an engine of economic growth by the countries involved
C) China's 1994 devaluation of its fixed exchange rate
D) The appreciation of the U.S. dollar and depreciation of the Japanese yen
E) Crony capitalism
B
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The production function is concave in labor because
A) the contribution to production of each additional unit of labor decreases. B) the marginal product of labor is increasing. C) the marginal product of capital is decreasing. D) the labor demand is downward sloping.
Suppose domestic beef producers face demand of QD = 1000 - 5P. Suppose the Chinese acquire a taste for U.S. beef such that their demand is QD = 500 - 5P. Market demand is now
a. 1000 - 10P for all P b. 1500 - 10P for all P c. 1500 - 5P for all P d. 1000 - 5P for P > 100 and 1500 - 10P for P < 100
The more difficult it is for a firm to adjust its labor force in the face of economic fluctuation, the more likely the firm is to hire new workers
a. True b. False Indicate whether the statement is true or false
Which of the following firms have market power?
A. private universities B. fast food chains such as McDonald's C. theme parks D. All of these have market power.