The budget line represents a consumer’s preferences for a commodity.
Answer the following statement true (T) or false (F)
False
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Laborland has 1 million workers. Suppose 50,000 workers migrate from a neighboring country to join Laborland's work force. Which of the following will happen in this case if Laborland's capital stock remains unchanged?
A) The country's income per worker will increase. B) The total efficiency units of labor in the economy will decrease. C) The relationship between output and capital stock becomes negative. D) The marginal contribution of labor to Laborland's output will fall.
Which of the following policy tools did the Fed create in 2008 to address the financial crisis?
i) quantitative easing ii) credit easing iii) open market operations A) ii only B) i and ii C) i and iii D) i only E) ii and iii
How would an increase in cigarette taxes succeed according to the following criteria: collecting a large amount of tax revenue; distorting demand as little as possible; discouraging consumption of harmful commodities?
What will be an ideal response?
Describe how the risk premium for a person with a convex utility function is determined
What will be an ideal response?