Advocates of the New Growth Theory claim that they have improved upon the neoclassical model by
a. focusing on the rate of investment, rather than the amount of investment
b. adding population growth to the list of key variables
c. assuming that knowledge obtained in one country would be easily available to those in othercountries
d. making technological change a part of the model, rather than something brought in from theoutside
e. none of the above
D
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"The market basket used to calculate the CPI is revised monthly to more accurately depict consumers' choices. The price data for the CPI are collected every month." Are the previous sentences true or false?
What will be an ideal response?
If the factor supply curve facing a monopolist is the market supply curve, and if the market supply curve is an upward sloping straight line, the marginal expenditure curve
A) lies below the market supply curve. B) lies above the market supply curve. C) is the market supply curve. D) crosses the market supply curve at the market wage rate. E) either A or B is possible.
In the market for euros, the demand for euros (€) is
A) downward sloping, because at lower dollar prices for the euro, U.S. residents will buy more European goods and services. B) upward sloping, because at higher dollar prices for the euro, U.S. residents will buy more European goods and services. C) upward sloping, because at higher dollar prices for the euro, Europeans will buy more U.S. goods and services. D) horizontal, because dollar prices of euros and euro prices of dollars are directly related.
At the Larson Bakery the marginal products of the first, second, and third sales clerks are 30, 27, and 21 customers served, respectively. The total product (number of customers served) of the first two sales clerks is
A. 6. B. 17. C. 57. D. 78.