A downward sloping marginal product of labor curve demonstrates the law of diminishing marginal returns
Indicate whether the statement is true or false
TRUE
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If supply increases, the equilibrium price will rise and the equilibrium quantity will fall.
Answer the following statement true (T) or false (F)
The difference in economic growth in North Korea and South Korea can be primarily attributed to differences in ________
A) the proximate causes of prosperity B) geography C) culture D) institutions
Suppose inflation comes in the form of an across-the board increase in all prices by some percentage k. For a consumer with exogenous income operating in a 2-good world, this will cause the budget constraint to
A. rotate inward B. rotate outward C. shift out in a parallel way D. shift inward in a parallel way E. none of the above
As a country begins to liberalize its capital account, what would you expect to happen to the difference between the interest rates for similar assets in this country and another country with open capital markets?
A) get larger B) get smaller C) stay the same D) it depends on the existing exchange rate. E) exponential divergence