According to the Romer model, an increase in population will cause ________
A) an immediate increase in output per capita and a permanent increase in output per capita
B) an immediate decrease in output per capita and a permanent increase in output per capita
C) an immediate increase in output per capita and a permanent decrease in output per capita
D) an immediate and permanent decrease in output per capita
B
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When the aggregate expenditures function of a closed economy is plotted against real GDP, any point on the 45-degree line represents C + I + G = Y, where C = Consumption, I = Investment, G = Government spending, and Y = Real GDP
a. True b. False Indicate whether the statement is true or false
_____________ is the utility derived from the payoff and the gamble itself
Fill in the blank(s) with the appropriate word(s).
Refer to the diagram. For output level Q, per unit costs of C are:
A. unattainable and imply the inefficient use of resources.
B. unattainable, given resource prices and the current state of technology.
C. attainable, but imply the inefficient use of resources.
D. attainable and imply that resources are being combined efficiently.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
If this country has an open economy, Silvia and Art can get ________ pounds of beef in exchange of a computer.
A. 25 B. 120 C. 80 D. 50