Balanced growth paths can differ across countries due to differences in saving rates, labor force growth rates, and the rates of labor-augmenting technological change
These differences are likely to result in differences in ________, a common measure of the standard of living. A) happiness
B) life expectancy
C) income distribution
D) real GDP per capita
D
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If the equilibrium price of compact discs is $12, but a price ceiling of $9 is imposed, there is likely to be a surplus of compact discs
Indicate whether the statement is true or false
When economists make normative statements, they are
a. speaking as scientists. b. speaking as policy advisers. c. making claims about how the world is. d. revealing that they are very liberal in their views of how the world works.
At the equilibrium consumption bundle, which of the following holds?
A. MRSX,Y = ?PX/PY. B. MRSX,Y = PX/PY. C. MRSX,Y = PY/PX. D. MRSX,Y = ?PY/PX.
Answer the next question on the basis of the following table for a commercial bank or thrift:(1)(2)(3)Legal Reserve Ratio (%)Checkable DepositsActual Reserves10$40,000$10,0002040,00010,0002540,00010,0003040,00010,000Refer to the above table. If the legal reserve ratio falls from 25 percent to 10 percent, excess reserves of this single bank will:
A. fall by $6,000 and the monetary multiplier will decline from 30 to 10. B. rise by $6,000 and the monetary multiplier will increase from 4 to 10. C. rise by $60,000 and the monetary multiplier will increase from 4 to 10. D. fall by $2,000 and the monetary multiplier will decline from 10 to 4.