The purpose of limited capital account convertibility is to:
A. limit trade in certain types of assets.
B. eliminate trade in assets.
C. limit trade in certain types of goods and services.
D. eliminate trade in goods and services.
Answer: A
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In the economic way of thinking, money is
A) the root of all evil. B) what makes the world go round. C) a general medium of exchange. D) an institution, which tends to increase transaction costs. E) the source of scarcity in commercial society.
Suppose capital and labor are perfect substitutes resulting in a production function of q = K + L. That is, the isoquants are straight lines with a slope of -1
Derive the long-run total cost function TC = C(q) when the wage rate is w and the rental rate on capital is r.
There are six firms in the cresset industry. The market shares of the four largest firms are 50 percent, 20 percent, 10 percent, and 7 percent. The Herfindahl index is
a. 87 b. 4,149 c. 10,000 d. 3,081 e. impossible to calculate because data for the fifth and sixth firms are not given
Which of the following examples would most likely happen if the federal government raised minimum wage from $7.25 to $12.00?
a. A bottling plant would double its hiring of low-skilled workers. b. A low-skilled worker in an automobile factory would be replaced by a robot. c. A low-skilled worker in a shipyard would receive a significant raise. d. A steel mill would offer educational opportunities for low-skilled workers.