The Norwegian economy can be characterized by Equation 24.3.EQUATION 24.3:C = 100 + 0.8Yd G = 500T = 200I = 200Refer to Equation 24.3. At the equilibrium level of output in Norway, consumption equals
A. 2,220.
B. 2,500.
C. 3,140.
D. 3,300.
Answer: B
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In the formula for calculating the growth rate of multifactor productivity, the growth rate of labor productivity is represented by
A) y - n. B) b(k - n). C) bk/n. D) b - n.
The supply curve of a good or service is the same as
A) the demand curve. B) the marginal benefit curve. C) the marginal cost curve. D) the total surplus curve. E) None of the above answers is correct.
Refer to the scenario above. What is the difference between the future value of John's deposit and Wendy's deposit after three years?
A) $56.04 B) $112.26 C) $208.03 D) $439.15
In 18th century Europe, governments gave guilds legal authority to limit production of goods. How did this authority either obstruct or improve the market mechanism?
A) It obstructed the market mechanism because with one more party having to coordinate activities (the guilds) there were delays in getting the products to consumers. B) It improved the market mechanism because the government's actions provided the correct set of signals to the market so that producers can adjust their output to better meet the needs of consumers. C) It improved the market mechanism by making it more efficient because the guilds were able to quickly identify and rectify any market shortages and surpluses. D) It obstructed the market mechanism because the guild's actions prevented the forces of demand and supply from coordinating the self-interested decisions of producers and consumers.