If Utopia has a closed economy, the number of cases of tile consumed each is ________ per year, and if it has an open economy the number of cases of tile consumed is ________ per year.
A. 450; 200
B. 300; 450
C. 300; 200
D. 200; 450
Answer: B
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According to Okun's Law, when the natural employment rate is 6 percent and potential GDP is $10 trillion, then when actual employment is 7 percent, real GDP is
A) $9.9 trillion. B) $8 trillion. C) $10.1 trillion. D) $9.8 trillion. E) $10.2 trillion.
The additional output a firm produces by hiring one more worker is called the marginal product of labor
Indicate whether the statement is true or false
In the federal funds market diagram, a decrease in the required reserve ratio
A) shifts the demand curve for reserves to the left. B) increases the federal funds rate. C) results in a multiple expansion of deposits, which increases the equilibrium level of reserves held by banks. D) shifts the supply curve for reserves to the right.
The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition.
Answer the following statement true (T) or false (F)