Which of the following is NOT considered to be a factor in the determination of a person's marginal productivity?
A. the elasticity of supply of labor
B. investment in human capital such as education
C. innate abilities such as high intelligence
D. on-the-job training
Answer: A
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Cash held by a bank in its vault is a part of the bank's
A. liabilities. B. reserves. C. net worth. D. money supply.
In the Brander-Spencer model the subsidy raises profits by more than the subsidy because of
A) the "multiplier" effect of government expenditures. B) the military-industrial complex. C) the forward and backward linkage effects of certain industries. D) the deterrent effect of the subsidy on foreign competition. E) the economies of scale once the company enters the market.
The age-earnings cycle is an earnings profile of an individual throughout the person's lifetime. The profile shows that
A) earnings usually peak at age 25 and then decline. B) earnings gradually rise until they peak around age 50. C) earnings and age have no particular correlation. D) younger workers have the most productivity.
If at some interest rate desired investment is $400 billion, desired private saving is $600 billion, and the budget deficit is $300 billion, is there a surplus or a shortage in the market for loanable funds? What does this imply would happen to interest rates?